Gold price: After more than a year and a half, gold again reached the level of Rs 55,000. The yellow metal prices have been rising steadily after the US and its allies imposed sanctions on Russia over rising tensions between Russia and Ukraine. On Wednesday, at 9.15 am on MCX, gold futures jumped 1.64 per cent to Rs 55,111. At the same time, silver also registered strength and silver futures rose by 2.19 per cent to Rs 72,950 per kg.
In order to put pressure on Russia, US President Joe Biden has banned the import of Russian oil and other energy. At the same time, Britain has also taken this action on Russia till the end of 2022.
Dollar increased pressure in international markets
In the international market, there was a strong rally in gold and it reached a record high. However, there was some weakness in early trade on Wednesday, which put pressure on the dollar and US Treasury yields. Spot gold is down 0.6 percent at $ 2,040.07 an ounce. At the same time, with the level of $ 2,069.89 during the last session, gold reached a record high of $ 2,072.49 in August 2020.
Wings in aviation stocks, news of resumption of international flights fueled enthusiasm
The holding of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund (ETF), rose to 1,067.3 tonnes, the highest since March 2021. US Trader Yields appeared to recover from an eight-week low.
The uptrend may remain till Rs 56,580
In a News18 report, Sriram Iyer, Senior Research Analyst, Reliance Securities, said, “Technically, if Comex Gold trades above 2,035.97 levels, it is likely to remain bullish towards the resistance zone of 2,086.13-2,128.97. If trades below this, the price may drop towards the support zone of $1,993.13-1,942.97.”
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Iyer said, “If MCX Gold April trades above the level of Rs 54,380, then it can continue to rise towards the level of Rs 55,400-56,580. Below this there is a support zone of Rs 53,200-52,180.
Ravi Singh, Vice President and Head (Research), Share India, said, “While the safe haven demand for gold has increased due to the war, investors have become risk-averse and selling in equities has increased. For a target of Rs 54,500 in gold, buying can be done around Rs 54,000. On the other hand, below Rs 53,800, you can sell for the target of Rs 53,500.
Silver may touch the level of Rs 74,665
On silver, Shriram Iyer said, “Technically if MCX Silver May trades above Rs 71,440, then it can remain bullish till the resistance zone of Rs 73,025-74,665”. Below this, there may be a fall till the support zone of Rs 69,800-68,215.
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