Gold rates today: On Tuesday, the weakness in gold and silver prices continued with the fall in the futures markets. In the futures market, both gold and silver are seeing a decline of about 0.5 percent. On MCX, gold futures fell 0.6 per cent to Rs 51,999 per 10 grams, while silver futures fell 0.55 per cent to Rs 68,470 per kg. In India, gold jumped to Rs 55,600 level last week before the start of selling.
The impact of these global factors is visible
In the global market, today there was pressure in gold. In fact, before the Federal Reserve meeting, bond yields got stronger. There are good prospects for a hike in interest rates in the Fed Reserve meeting. Gold had hit an all-time high last week as safe haven demand increased due to Russia’s attack on Ukraine and rising inflation.
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After touching the level of $2,070.44 an ounce last week, spot gold is down 0.4 per cent at $1,943.09 today. Spot silver was down 0.4 per cent at $24.92 an ounce, while platinum was down 0.1 per cent at $1,029.16.
Support for gold at Rs 51,950-51,680
Rahul Kalantri, VP (Commodities), Mehta Commodities, said, “Gold and silver are trading in selloff on hopes of a reduction in the Russia-Ukraine conflict. Global equity markets are firm and bullion is under pressure. The US Federal Reserve meeting begins today. The market is anticipating that there may be a decision to increase interest rates in this.
Kalantri said, gold has support at Rs 51,950-51,680, while resistance is at Rs 52,480-52,740. Silver has support at Rs 68,050-67,335 per kg, while resistance is at Rs 69,220-70,000.
Heavy fall may come after Fed meeting
Ravindra Rao of Kotak Securities said that even before the Fed’s decision to hike rates, pressure is being seen on the prices. He said that due to the peace efforts between Russia-Ukraine, buying in gold has come down. After the decision of the Fed, there can be a huge fall in gold.
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