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Gold Moves Higher; Silver Trades Above Rs 68,300

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Domestic spot gold with a purity of 24 carats opened at Rs 51,777 per 10 grams.Gold Price In India: Gold and silver futures traded higher on Thursday, March 24, amid a volatile session.

On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.17 per cent up at Rs 51,854, compared to the previous close of Rs 51,767.

Silver futures, due for a May 5 delivery, were last seen 0.10 per cent higher at Rs 68,335 against the previous close of Rs 68,284.Domestic spot gold with a purity of 24 carats opened at Rs 51,777 per 10 grams today, and silver at Rs 67,770 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Foreign Exchange Rates:Globally, gold prices were in a range-bound trade today, as markets exercised caution over the Russia-Ukraine conflict and ahead of U.S.

inflation data that could offer fresh clues about the policy stance from the U.S.

Federal Reserve.

Spot gold was down 0.2 per cent at $1,939.93 per ounce.

U.S.

gold futures were up 0.2 per cent at $1,941.10.Analyst View:Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold prices are expected to outperform even after the current war tension settles as due to the after-effects of war -- higher commodities prices and soaring inflation.

The world would see some sort of recession zone where gold would be the preferred asset above all."He suggested, "Buy Zone near - Rs 51,600 for the target of Rs 51,900.

Sell Zone below - Rs 51,500 for the target of Rs 51,300."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Market are very volatile nowadays due to the Russia-Ukraine crisis.

As per the technical chart, gold and silver are now showing some strength and are ready for a pullback rally.

Momentum indicator RSI also cited the same in hourly as well as the daily chart.

So traders are advised to create fresh buy positions near given support levels.

They should focus important technical levels given below for the day: April Gold closing price Rs 51,767, Support 1 - Rs 51,600, Support 2 - Rs 51,400,  Resistance 1 - Rs 52,100, Resistance 2 - Rs 52,600.

May Silver closing price Rs 68,264, Support 1 - Rs 68,000, Support 2 - Rs 67,600, Resistance 1 - Rs 68,500, Resistance 2 - Rs 69,000."




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