Gold prices today : Gold and silver prices fell in Indian markets on Friday after a big rally a day earlier. On MCX, gold prices fell 0.3 per cent to Rs 50,230 per 10 grams, while silver fell 0.06 per cent to Rs 63,825 per kg. A day earlier, a strength of Rs 900 was recorded in gold prices amid Ukraine tensions.
Gold weakens even in global market
In the global market, gold prices have fallen after the US and Russia agreed to talks on the issue of Ukraine, ease geopolitical concerns. Spot gold fell 0.4 percent to $ 1,890.91 an ounce.
A day earlier on Thursday, gold went above the level of $ 1,900 for the first time since June 11, 2021 and recorded a strength of 1.8 percent. Ukraine tensions had rattled global financial markets in recent days due to warnings of a possible Russian attack by the US. However, Russia continued to deny talk of the attack.
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volatility may remain in gold
Ravindra Rao, Head (Commodity Research), Kotak Securities said, “Yesterday Comex Gold had come close to USD 1,892 an ounce after gaining 1.6 per cent. Gold has slipped below its June 2021 highs on reports of a possible meeting between the US Secretary of State and Russian officials next week and tough comments from Fed officials. Gold may remain volatile due to geopolitical tensions. However, it has a bullish trend until the US and Western countries dismiss the possibility of a Russian attack.
In a note, Kotak Securities said volatility in commodities is likely to remain volatile due to the ongoing financial market movement due to uncertainty surrounding Russia.
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Strong base formed at $1,880 level
Vidit Garg of Migoldkart said, “Technically, there is a strong base for gold around $1,880 level. To take control of the situation, bears need to create higher trade volume below this level. Traders can buy gold below the $1,880 level with a target of $1,855, however, a buying opportunity above the $1,903 level could become the $1,918 level. There is no trading zone between 1880-1903 dollars.”
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