The price of gold in India crossed Rs 52,000 on Friday. Rising tensions between Russia and Ukraine have led to a sharp jump in the prices of the yellow metal in the past few days. On March 4, at 12:50 pm on the Multi Commodity Exchange, gold futures rose by 0.45 per cent to Rs 52,001 per 10 grams. The price of silver also jumped on Friday. The precious metal futures for one kg rose 0.55 per cent to Rs 68,279 on March 4.
According to Investing.com, spot gold in the international market rose 0.28 percent to $ 1,941.20. According to Investing.com, spot gold in the international market rose 0.28 percent to $ 1,941.20. Ukraine’s President Volodymyr Zelensky on Friday accused Moscow of resorting to “nuclear terror” and of wanting to “repeat” the Chernobyl disaster.
Investors are eagerly waiting for more clues from US Fed Chairman Jerome Powell on US interest rate hikes. The yellow metal is often thought of as a hedge against inflation and political uncertainty. However, an increase in US interest rates would increase the opportunity cost of holding non-interest bearing bullion. Powell reiterated that the U.S. Fed was proceeding with a massive target to raise the federal funds rate overnight and reduce the size of its balance sheet to reduce inflation, which is currently the highest since the 1980s. is more. However, he also referred to the Fed’s March 15-16 meeting backing a rate hike of 0.25 percent, effectively starting a post-pandemic round of rate hikes with a normal half-point increase. effectively stopped the debate.
Gold Price Future Outlook
“International gold spot and COMEX futures could trade strong in Asian trade this Friday morning as investors turned to safe-haven assets after Russia attacked the largest nuclear power plant in Ukraine and Europe. Technically, If COMEX Gold trades above the April level of $1934.53, it may continue its bullish momentum till the resistance area at $1945.97-$1956.03. The downside trade will support the prices, said Sriram Iyer, Senior Research Analyst, Reliance Securities. Could pull into the area at $1924.47-$1913.03.
“Keeping an eye on overseas prices, domestic gold prices may strengthen from Friday morning. Technically, if MCX Gold trades above the April 51700 level then it may continue its rally till the resistance area at Rs 52,015-52,265. A downside trade may drag the price towards the Rs 51,455-51,145 support area.”
“The Federal Reserve is expected to raise rates with a move of only a quarter point, meaning the central bank is even more behind the curve in its inflation fight and that should be good for gold. Fed Chairman Jerome Powell As Congress enters the second day of testimony, investors are looking for more clues about the hike in US interest rates. Buy near sector – Rs 51,800 with a target of Rs 51,500. Ravi Singh, Vice President and Head of Research, ShareIndia said, Sell area below, target Rs 51,000 – Rs 51,300.
Silver Price Outlook
“International silver spot and COMEX futures may trade higher in Asian trade this Friday morning. Technically, if COMEX Silver May trades above the $25.320 level, it could continue its bullish momentum towards the $25.560-$25.910 resistance area. A downside trade could drag the price towards the $24.970-$24.725 support area. Keeping an eye on overseas prices, domestic silver prices edged higher on Friday morning. Technically, if MCX Silver trades above Rs 68,125 level then it may continue its rally till the resistance area at Rs 68,560-69,200. A downside trade may drag the price towards the Rs 67,480-67,050 support area,” Iyer said.
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