Gold prices in India : Gold prices in India remained strong for the 7th consecutive day due to the support received in the form of safe haven demand between Ukraine-Russia tensions. With this, gold reached above the crucial level of Rs 50,000 on MCX on Tuesday. MCX gold futures rose 0.6 per cent to Rs 50,205 per 10 grams, while silver rose 0.54 per cent to Rs 64,580 per kg. In the last seven days, gold gained Rs 2,500 per 10 grams.
Gold at 8-month high in global market
Talking about global markets, gold prices rose to nearly 8-month highs on increased demand for safe haven assets from investors amid rising geopolitical tensions over Ukraine. According to Bloomberg, spot gold rose 0.4 per cent to $1,878.93 an ounce, the highest intraday level since June 11.
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Gold Support at $1850
Vidit Garg, Director, MyGoldkart, says, “Despite a tough stance from the Fed, this could turn out to be the strongest fortnight registered in recent months due to tensions between Russia and Ukraine. The Fed has signaled a tougher stance to come. From a technical point of view, the market will see a decline only if some concrete steps are taken on the current geopolitical tension. Gold has support at $1,850, while resistance is at $1,884. If it breaks the low of the last two hours, then it is advisable to take a short position on the metal with a stop loss of the day’s high and a target of $1,840.”
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Ukraine tension increased strength
Navneet Damani, Senior Vice President – Commodity and Currency Research, Motilal Oswal Financial Services, said, “Gold continues to remain firm on the back of Ukraine tensions. Safe haven attraction is increasing regarding this. But a firmer Fed’s stance on inflation and a firming US bond yields has limited gains.” Inflation in the US remains at a 40-year high.
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Gold gains 5% after Jan 31
Due to the Ukraine crisis, spot gold has gained about 5 per cent in international markets since January 31. Talking about other precious metals, spot silver rose 0.3 per cent to USD 23.91 an ounce and platinum by 0.1 per cent to USD 1,029.
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