24 Mar , 2022 By : Kanchan Joshi
Gold and silver prices today edged higher in domestic markets, following advances in global rates. On MCX, gold futures rose 0.14% to Rs51840 while silver gained 0.15% to Rs68365 per kg. In the previous session, gold rose 0.8% while silver gained about 0.9%, following advances in global rates.
In global markets, gold was today flat at $1,943.75 per ounce while oil prices shot higher again with US President Joe Biden and other European leaders set to impose fresh sanctions against Russia. Spot silver was up 0.1% to $25.08 per ounce, while platinum shed 0.3% to $1,016.99.
“Gold and silver prices have moderately edged higher, lifted in part by sharp gains in crude oil prices and weak equities.The Russia-Ukraine war continues but from a markets perspective not much has changed recently. President Biden Thursday meets with NATO and EU leaders to discuss Russia's invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd..
“We expect both gold and silver to remain volatile in upcoming sessions ahead of NATO and EU two-day summit. Gold has support at $1910-1895, while resistance at $1950-1964. Silver has support at $24.78-24.55, while resistance is at $25.40-25.64. In rupee terms gold has support at Rs51,280–51,000, while resistance is at Rs51,950–52,080. Silver has support at Rs67,700- 67,220 while resistance is at Rs68,450–68,940," he added.
The Ukraine war and ensuing sanctions have pushed up commodity prices and inflation, resulting in faster monetary tightening from some central banks. The Federal Reserve’s more hawkish tone and higher U.S. bond yields are weighing on non-interest bearing bullion, but it’s also benefiting from its appeal as a hedge against consumer-price gains. Holdings in gold-backed exchange-traded funds are the highest in more than a year, initial data compiled by Bloomberg show.
Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust rose 0.4% to 1,087.66 tonnes on Wednesday - its highest since Feb. 26, 2021.
Spot gold rose was little changed at $1,944.37 an ounce as of 9:26 a.m. in Singapore, after climbing 1.2% on Wednesday. The Bloomberg Dollar Spot Index added 0.1 percent after gaining 0.1% in the previous session. Palladium advanced, silver was steady, while platinum edged lower.
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