Gold price in India remained above Rs 53,500-mark on Tuesday. As rupee hit lifetime low, the gold jumped to its highest level in over a year during the previous session. On the Multi Commodity Exchange (MCX), gold futures rose 0.63 per cent to Rs 53,855 for 10 gram at 1115 hours on March 8, 2022. Silver price also rose on Tuesday. The precious metal future soared 0.38 per cent to Rs 70,235 for a kilogram on March 8.
In the international market, gold price dipped from key $2,000-mark on Tuesday. Spot gold was down 0.5 per cent at $1,988.78 per ounce by 0447 GMT after hitting 19-month high during the previous session. US gold futures were down 0.2 per cent to $1,992.40.
As the United States and its allies has continued to impose sanctions on Russia, investors now pause to readjust and reassess the impact of Russia-Ukraine war. Market volatility remained elevated ahead of the US Federal Reserve meeting scheduled next week. Analysts expected a rate hike to control the rising inflation in the United States. The dollar index held close to a 21-month peak hit on Monday.
Gold Price Future: Know What Analysts Say
“International gold spot and COMEX futures have started weaker this Tuesday morning in Asian trade amid profit booking as investors await CPI data this week and Fed decision next week. Technically, if COMEX Gold April trades below $1989.20 level it could witness a bearish momentum up to the support zone at $1970.90-$1945.90. A trade above could push prices to the resistance zone at $2015.20-$2030.50,” said Sriram Iyer, senior research analyst at Reliance Securities
“Domestic gold prices could start weaker this early Tuesday morning, tracking overseas prices. Technically, if MCX Gold April trades below 53445 level it could witness a bearish momentum up to the support zone at Rs 52,885-52,250. A trade above could push prices to the resistance zone at Rs 54,080-54.645,” Iyer added.
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