Gold Rate Today, Gold Price in India on 3 March 2022: Gold prices in India gained on Thursday, even as yellow metal traded flat in the international market.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India gained on Thursday, even as yellow metal traded flat in the international market. On Multi Commodity Exchange, gold April futures were trading Rs 294 or 0.6 per cent up at Rs 51,588 per 10 grams. SilverMay futures were ruling at Rs 68,118 per kg, up Rs 451 or 0.7 per cent. Globally, yellow metal prices traded flat as risk appetite improved after the U.S. Federal Reserve chairman tried to assuage fears about aggressive interest rate hikes, offsetting safe-haven demand spurred by the Russia-Ukraine conflict, according to Reuters. Spot gold held its ground at $1,927.18 per ounce while U.S. gold futures rose 0.4% to $1,929.90.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
Yesterday, spot gold ended lower at $1,928.5 an ounce, with a loss of $16 or 0.85% as Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate rise later this month, prioritizing the fight against inflation over the economic risks from Russia’s invasion of Ukraine. The undertone is bullish amid worsening geo-political risk. The biggest attack on a European state since 1945 has caused more than 870,000 people to flee, led to a barrage of sanctions against Russia, and stoked fears of a wider conflict in the West unthought-of for decades. Meanwhile, Fed Chairman Jerome Powell said the central bank would begin “carefully” raising interest rates at its upcoming March meeting but be ready to move more aggressively if inflation does not cool as quickly as expected. Powell will appear before the Senate Banking Committee on Thursday for the second day of his semi-annual congressional testimony. MCX Gold April may rise to Rs. 51,600 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices saw minor pullback in the second half yesterday as Federal Reserve Chair Jerome Powell said he supports a traditional 25-basis-point rate hike during the March 15-16 policy meeting. This prompted investors to opt for risky assets as US equity markets rebounded despite crude oil trading above $112. It seems gold and silver are taking rest before resuming their next move on the upside. Next round of talks between Russia and Ukraine is coming up and markets are not expecting any headway. We continue to remain bullish in gold albeit cautiously as in the short run, gold has seen sharp up move so upside is limited. Shorting should be avoided and any correction near 51000 should be a good opportunity to go long with stoploss of 50500 and target of 52000.
Tapan Patel, Senior analyst — Commodities, HDFC Securities
Gold prices traded firm on Thursday with COMEX Spot gold prices were trading near $1929 per ounce in the morning trade. MCX Gold April futures opened half a percent up near Rs. 51583 per 10 gram. Gold prices have kept trading strong despite the rise in US bond yields and stronger dollar. The US FED chairman hinted at a 25 bps rate hike in March. The Ukraine – Russia tension and inflation worries may keep the risk premium up in gold prices for the near term. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1910 and resistance at $1970 per ounce. MCX Gold April support lies at Rs. 50800 and resistance at Rs. 52000 per 10 gram.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold price cools off from ~$1950 levels it hit at the start of this week, amidst positive economic data, uptick in bond yields, and positive statements from Governor Powell. Market participants also reacted after Governor Powell maintained his stance for an aggressive rate hike trajectory starting this March, even after the rising geo-political tensions. President Putin’s forces bombarded Ukraine’s frontline cities and critical infrastructure, laying waste to densely populated urban areas. Russia also stepped up a fierce aerial assault on Kharkiv while continuing its faltering attempts to envelop the capital Kyiv from the north and north-west. There were reports in the yesterday session suggesting that there could be a meeting between the countries this week, in an attempt to talk and calm the matters. Although with the continuous attacks and Ukraine’s plea to be a part of the EU does not satisfy either of their demands. After better than expected U.S. private payroll data, market participants will keep an eye on the Service PMI data from major economies, weekly jobless claims and testimony from Governor Powell. Broader trend on COMEX could be in the range of $1915- 1975 and on domestic front prices could hover in the range of Rs 51,220-51,950.
Also read: Gold prices hit 13-month high on safe-haven buying
Anuj Gupta, Vice President, IIFL Securities
Yesterday MCX gold prices corrected by 1.01% at 51294 levels. In international market it is trading at $1929 levels per ounce. Silver corrected by 0.75% at 67667 levels. In international market it is trading at $25.18 per ounce. 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 51000 to 51100 levels with the stoploss of 50650 for the target of 51800 levels. They can also buy in silver at 67200-67400 levels with the stoploss of 66500 for the target of 68800 – 69000 levels. Gold may test $1965 to $1980 levels and silver may test $27 to $30 soon.
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