In the international market, gold was trading higher at USD 1,825 per ounce and silver was marginally lower at USD 20.96 per ounce.
Overall, silver prices will accomplish a significant upside due to rising inflationary pressure and industrial demand, says Vidit Garg, director of MyGoldKart
Apart from leading jewellery stores and brands, Vijay Sales, SBI Cards, Amazon and PhonePe are among a raft of companies offering attractive offers including discounts, cashback and flexible payment options, among others.
Prices of preciuos metals like gold, silver and palladium drop before Akshaya Tritya. Watch Manisha Gupta and Karunya Rao discuss the impact of prices dropping of these metals dropping and whether you should invest in them or not.
"We expect gold to hold Rs 51,850 levels and silver could hold Rs 65,800 levels on a closing basis in today's session. Weakness in rupee could support prices in the domestic markets," said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
Gold as a safe haven are attractive due to soaring inflation and uncertainty in the Russian-Ukraine war. As long as the two factors continue to dominate markets for sentiment - a scenario for a further uptrend in gold price remains intact. It is a good opportunity to go long on every dips, said Ravi Singh - Vice President and Head of Research - ShareIndia.
Silver prices rose in the previous trading session amid fear of rising inflation appealing a safe haven. US dollar index traded down, however it rebounded after US market hours and witnessed profit booking in precious metal. What does this mean for investors? Watch Karunya Rao & Manisha Gupta decoding this for you
Gold has been stuck in a range and this may continue unless there are fresh triggers; however, with persisting geopolitical risks, prices may remain supported, says Ravindra Rao of Kotak Securities.
Traders and investors continue to assess three major factors— the Russia-Ukraine war, new COVID lockdowns in China and rising global inflation—that are impacting the market
According to Manoj Kumar Jain, Prithvi Finmart Commodity Research, 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.
Manoj Kumar Jain of Prithvi Finmart Commodity Research expects gold and silver to show further weakness in today’s session
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Silver also gained Rs 173 to Rs 67,956 per kg from Rs 67,783 per kg in the previous trade.
Both precious metals are expected to remain volatile and buy on dips should be the strategy for precious metals, small traders should avoid trade for some more days.
Manoj Kumar Jain of Prithvi Finmart Commodity Research expects both silver and gold to remain volatile this week amid choppy dollar index, US Fed chairman's testimony and statements on Russia-Ukraine war.
Manoj Kumar Jain of Prithvi Finmart Commodity Research feels that gold and silver prices are likely to remain volatile this week ahead of US-Russia meetings aimed at finding a diplomatic solution to the Ukraine issue but prices will continue to hold their support levels.
"Technically, on daily charts gold is in a bearish state but further weakness is only expected below $1777 and, on the contrary, if prices sustain above $1803 then we may witness bulls coming back in the picture," said Vidit Garg, director at MyGoldKart.
The reason silver is attractive and needs to be considered is that it has the best of both asset classes—gold as well as equities
Gold continues to trade within $1780-1830/oz range and this may continue unless there is more clarity on Fed’s stance. Higher yields and stable equities may keep pressure on price, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
Gold Price Today: Selling pressure is expected in precious metals if prices rise towards resistance levels.
Apart from being a precious metal, silver also has several industrial uses. So, it could be a tactical bet on economic recovery and growth
Gold and diamond jewellery sales have skyrocketed since November due to the record number of weddings taking place with the easing of curbs on large gatherings across the nation.
Gold may remain range-bound to get further clues from the FOMC meeting scheduled on Wednesday. Gold has resistance at Rs 48300-48500 and support at Rs 47700-47500. Silver has resistance at Rs 62000 and support at Rs 60000, said Abhishek Chauhan of Swastika Investmart.