Gold inched lower on March 30 in the international markets hovering near a one-month low hit in the previous session, as Russia-Ukraine peace talks pointing towards progress dimmed bullion's safe-haven demand, though a weaker dollar and a drop in yields limited losses.
On the Multi-Commodity Exchange (MCX), gold contracts were up 0.36 percent at Rs 50,995 for 10 gram at 9.28 am and silver added 0.32 percent to Rs 67,163 a kilogram.
Precious metals extended losses for the third consecutive day as the Russia-Ukraine peace talk progressed positively. Russian defense ministry announced to scale down military activity in Ukraine. Gold and Silver prices fell more than 2%. However, prices have shown recovery from levels as American government officials did not confirm any sign of seriousness from Russia. Gold has support at Rs 50400 if it holds this level, then a bounce towards Rs 51500 is expected in today's session, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Rahul Kalantri, VP Commodities, Mehta Equities
Bullion price eased further on Tuesday after declining on Monday but bounced from its support. Gold moved lower on Tuesday as Russia-Ukraine peace talks pointing towards progress dimmed bullion's safe-haven demand, though a weaker dollar and a drop in yields limited losses. Gold April futures contract settled at Rs 50,813 per 10 grams with a loss of 1.47% and silver May futures contract settled at Rs 66,947 per kilogram with a loss of 1.70%. Support is seen near the 50-day moving average at $1,892. Resistance is seen near the 10-day moving average at $1,934.
We expect both precious metals to remain volatile in today’s session ahead of the US GDP and ADP non-farm data. The yellow metal has support at $1900-1882, while resistance is at $1930-1940. Silver has support at $24.42- 24.00, while resistance is at $25.05-25.24. In rupee terms, gold has support at Rs 50,720–50,550, while resistance is at Rs 51,240–51,520. Silver has support at Rs 66,550- 66,120 while resistance is at Rs 67,620–68,140.
Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver prices sharply declined amid positive talks between Russia-Ukraine for de-escalation. Both the precious metals settled on a weaker note in the international markets. The precious metals also settled on a weaker note in the domestic markets. We expect both the precious metals to remain volatile in today’s session ahead of the US GDP and ADP non-farm data. Gold has support at $1900-1884 per troy ounce and resistance at $1922-1934 per troy ounce while silver has support at $24.40-24.20 per troy ounce and resistance at $25.10-25.44 per troy ounce.
At MCX, gold has support at Rs 50580-50350 and resistance at Rs 51000-51220 while silver has support at Rs 66450-66000 and resistance at Rs 67500-68100 levels. We suggest buying silver on dips around Rs 66500 with a stop loss below Rs 66000 on a closing basis for target of Rs 68000.
Vidit Garg, Director, MyGoldKart
Spot Gold fell yesterday to much awaited level of $1890 on the back of ease of tension between Russia and Ukraine and correction in bond yields from the 3 years high level. Technically, until gold trades above $1934 we can not state that bear phase is over and current bounce may come as correction in downside trend. For further downside now bears need to get it below $1884 for $1862 levels whereas a move above $1934 may lead it to $1958 again.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.