INSUBCONTINENT EXCLUSIVE:
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
