Gold-Silver rate today: Gold prices fell for the third consecutive day on Tuesday. Gold futures on the Multi Commodity Exchange (MCX) fell 0.28 per cent to 51,387 per 10 grams. On the other hand, silver futures declined by about 0.5 per cent to Rs 66,623 per kg.
In the global market too, gold prices declined on Tuesday and spot gold prices fell by about 0.2 percent to $ 1,929.31 an ounce. Gold prices in the country touched an all-time high of Rs 55,600 per 10 grams last week and have since fallen by over Rs 4,000.
Why is the price of gold falling?
Due to the strengthening of the dollar, the interest of investors in many countries has decreased in gold. The rise in US bond yields also added to the pressure on gold. A rise in bond yields causes investors to turn to other fixed instruments of investment instead of gold.
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Among other precious metals, silver spot prices rose 0.6% to $24.64 an ounce. At the same time, the price of platinum fell 0.6% to $980.36.
Discussions are taking place between the US and its allies European countries to impose further sanctions on the purchase of oil and gas from Russia. This may give support to gold prices.
Rahul Kalantri, Vice-President (Commodities), Mehta Equities Ltd, said, “Gold has support between $119 and $1905. It may face resistance if it crosses the $1938-1949 level. Rupee. In terms of term, gold has support at Rs.51,220 to Rs.50,980, while resistance is forming at Rs.51,880–52,085. Similarly, silver has support at Rs.65,850 to Rs.65,280, while 67,100- Rs. Rs 67510 level can act as a resistance.”
How did gold perform in the first quarter?
Gold prices registered an increase in the first quarter. During this time, investors turned to gold for a safe haven due to geopolitical crisis and fear of inflation. Apart from this, it was also helped by regular investment in gold through ETFs.
Analysts say that in the near future, gold will continue to trade in the range of Rs 50,000 to Rs 52,000 and if it breaks any of the ranges, then further gains can be seen in that direction.