Gold Rate Today, Gold Price in India on 2 March 2022: Gold prices were trading flat on Wednesday, on the back of weak global cues.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Wednesday, on the back of weak global cues. On Multi Commodity Exchange, gold April futures were trading with a positive bias at Rs 51,889 per 10 grams, as against the previous close of Rs 51816. Silver May futures were ruling at Rs 67,736 per kg, down Rs 443 or 0.7 per cent. Globally, yellow metal prices dipped in early Asian trade as the dollar ticked higher, outweighing safe-haven demand fueled by the intensifying Russia-Ukraine conflict, according to Reuters. Spot gold was down 0.4% to $1,935.38 per ounce, and U.S. gold futures also fell 0.4% to $1,936.50.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold and silver powered higher as Russia intensified its invasion on Ukraine. The financial repercussions from Russia’s actions have sent ripples through the financial markets with crude oil now priced above $106 per barrel. Russia’s military action has increased inflationary pressures worldwide. The dollar index held close to a 20-month high touched on Tuesday, making gold less attractive for holders of other currencies but despite strong US dollar, investors continue to buy gold on flight to safe haven assets as holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 1.3% to 1,042.38 tonnes on Tuesday , their highest since July 2021. Investors are awaiting Federal Reserve Chairman Jerome Powell’s testimony before the U.S. Congress on Wednesday and Thursday for more clarity on interest rate hikes amid the Ukraine tensions and soaring inflation. Next resistance for gold comes at $1975 while in MCX it is at 52500. We recommend buy on dips via options with a closing basis stoploss of 50000.
Tapan Patel, Senior analyst — Commodities, HDFC Securities
Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1935 per ounce in the morning trade. MCX Gold April futures opened firm near Rs. 51831 per 10 gram following global cues. Gold prices rallied on geopolitical risk and inflation fears over Russia sanctions. The surge in oil prices have boosted risk premium in gold on worries that central banks may delay interest rate hike. We expect gold prices to trade up with COMEX Spot gold support at $1910 and resistance at $1970 per ounce. MCX Gold April futures support lies at Rs. 51200 and resistance at Rs. 52500 per 10 gram.
Anuj Gupta, Vice President, IIFL Securities
Geopolitical tension, higher crude prices, fear of inflation are supportive for yellow metals. Demand of Gold ETF also increased. It is increased by 46.3 tonnes or worth of $2.7 billion in January 2022. Selloff in equity and depreciation in currency turned the investors towards yellow metal as safe haven asset. We are recommending buy in Gold at 51500 to 51600 levels with the stoploss of 50900 for the target of 52400 levels. They can also buy in silver at 67700-67800 levels with the stoploss of 67000 for the target of 69500 – 70000 levels. Gold may test $1965 to $1980 levels and silver may test $27 to $30 soon.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
The gold may decline initially but the undertone is bullish. Fed Chair Jerome Powell is due to speak before Congress later Wednesday and traders are abandoning bets on a half-point Federal Reserve hike this month amid concern that an escalation of war will weigh on the economy. Gold ETF inflows are clear sign generalist investors are sourcing war hedges and safe havens. Holding at the SPDR Gold ETF was at 1,024 tonnes a week before which had grown to 1,042 tonnes on 2nd March 2022. Yesterday MCX Gold April contract climbed by more than 2% hence we don’t rule out chances of a technical pull back. MCX Gold April may fall to Rs. 51,500 per 10 gram.
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