Gold Price Today: There was a big drop in gold prices on Monday. On the Multi Commodity Exchange (MCX), gold futures fell 0.24 per cent to Rs 52,750 per 10 grams at 9.50 am. Due to the ongoing conflict between Russia and Ukraine, the yellow metal had crossed the level of Rs 55,000 last week.
On the other hand, silver prices also declined on Monday. Silver futures fell 0.42 per cent to Rs 70,072 per kg.
Due to these reasons, pressure on gold prices
In the international market, too, gold prices declined. The main reason for this sudden drop has been an increase in US Treasury yields, as investors anticipate that the US Federal Reserve may soon take a tough stance. Spot gold fell 0.7 per cent to $ 1,971.77 an ounce. US gold futures also fell 0.5 per cent to $1,975.70 an ounce.
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gold price future
Gold Price Future: Reliance Securities Limited said, “Technically, if LBMA Gold trades below $1,990, then it may see downside pressure at $1,970-1,959 levels. The resistance is at $1,985-2,001.”
The brokerage said, “Gold prices in the domestic market have had a weak opening on Monday. Technically, if MCX Gold stays below Rs 53,000 per 10 grams in April, then it could see a bearish trend towards Rs 52,500-52,300 levels. There is resistance at 53,000-53,200 levels.”
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The effect of the ongoing war between Russia and Ukraine is visible
Dr. Ravi Singh, Vice President and Head (Research), ShareIndia, said, “The impact of the ongoing Russia-Ukraine war is visible on commodities across the world. The sanctions against Russia also boosted gold prices. It is advisable to buy gold at Rs 52,700 with a target of 53,000. Whereas for a target of Rs 52,300, a sell advice is given below Rs 52,500.
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