Domestic spot gold with a purity of 24 carats opened at Rs 51,567 per 10 grams.Gold Price In India: Gold and silver futures inched up on Wednesday, March 2, in highly volatile trade.
On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.05 per cent up at Rs 51,840, compared to the previous close of Rs 51,816.
Silver futures, due for a March 4 delivery, were last seen 0.13 per cent higher at Rs 67,084 against the previous close of Rs 66,999.Domestic spot gold with a purity of 24 carats opened at Rs 51,567 per 10 grams on Wednesday, and silver at Rs 67,030 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Analyst View:Ravi Singh, Vice-President and Head of Research, ShareIndia, said, "The ongoing tension between Russia and Ukraine is riding high for gold and crude oil prices.
The United States and European Union have levied sanctions on Russia's biggest banks and its elite, frozen the assets of the country's central bank located outside the country and excluded its financial institutions from the SWIFT bank messaging system - but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world.
Gold may continue to be in bullish trend till the situation stabilizes."He suggested, "Buy Zone near - Rs 51,650 for the target of Rs 51,900.
Sell Zone below - Rs 51,500 for the target of Rs 51,300."Rahul Kalantri, VP Commodities, Mehta Equities Ltd, commented, "Gold and silver gained due to safe-haven appeal in war time.
Both precious metals also gained amid heavy sell-off in the global equity markets and record surge in the international crude oil prices.
The United States equity markets plunged again and supported safe-haven buying in precious metals.
We expect gold and silver prices to remain positive and any decline in the prices would be an opportunity for buying at lower levels."He further said, "Gold (globally) could test $1,970 per troy ounce and silver could also test $26.20 per troy ounce in the upcoming sessions.
Gold has support at $1,922-1908, while resistance at $1,955-1,970 per troy ounce.
Silver has support at $25.20-24.84, while resistance is at $25.88-26.20 per troy ounce.
In the domestic market, yellow metal has support at Rs 51,358 50,900, while resistance is at Rs 52,075 52,334.
And, Silver has support at Rs 66,983 - 65,786 while resistance is at Rs 68,913 69,646."