Gold prices today: On the Multi Commodity Exchange (MCX), there was weakness in gold futures on Friday, while silver also saw a softening. Due to factors like inflation pressure, Russia-Ukraine conflict, gold and silver gained strength this week.
Gold futures maturing on April 5, 2022, on MCX, were trading at Rs 51,968 per 10 grams with a weakness of 0.21 percent. At the same time, trading was seen between day high Rs 52,100 and low Rs 51,915 in the commodity.
US Fed’s tough stance supports gold
On the exchange, silver futures maturing on May 5, 2022, were trading at Rs 69,255 per kg with a weakness of 0.09 per cent.
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“Gold prices remain stable on indications of a tighter stance by the US Fed to control inflation amid support from Russia’s attack on Ukraine,” IIFL Securities said in its Commodities Mantra dated March 25.
There are good prospects ahead
Giving its technical view, IIFL in today’s outlook said, “Gold prices have declined in the upper range of the consolidation band. Continuing trading above yesterday’s highs would confirm good upside prospects. The yellow metal has support at 51,800/51,550 and resistance at 52,500/52,850.
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On the outlook for silver, IIFL said, “Silver is likely to trade with strength as the prices remain above their resistance levels. In intraday, silver has support at 68,500/67,700 and resistance at 70,100/71,000.
Spot gold rises
However, there was a slight rise in both 24 carat and 22 carat gold in India, while silver also saw strength. In Mumbai, 24 carat gold is trading at Rs 52,590 per 10 grams as compared to Rs 52,310 yesterday.
At the same time, silver remains at Rs 70,000 per kg in Mumbai, which was at Rs 68,500 a day ago.
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