Gold Price outlook 2022, Silver Price: Tension between Russia and Ukraine is fueling gold and silver prices. Federal Reserve in US is holding an emergency meeting on 14 February. Market is expecting rate hike from Federal Reserve.
On Friday, gold and silver were settled on a positive note in the international markets. Gold April futures contract were settled at $1,860.40 per troy ounce, up by 1.25% and silver March futures contract were settled at $23.59 per troy ounce, up by 0.28%. Domestic markets were settled on a mixed note.
Gold April futures contract settled at Rs 49,114 per 10 grams with a gain of 0.32% while silver March futures contract settled at Rs62,988 per kilogram with a loss of 0.44%. Gold and silver extended its gain last week in the international markets; gold hit three month highs. Escalating tensions between Russia and Ukraine supported safe haven buying in precious metals.
Gold prices crossed its resistance level of $1850 per troy ounce and silver prices also crossed $23.30 per troy ounce on a weekly closing basis. Weakness in the rupee additionally supported both precious metals in the domestic markets. Despite expectations of aggressive rate hikes by the U.S. Federal Reserve and hawkish comments of Federal Reserve member, precious metals gained. However, strength in the dollar index and rising bond yields cap gains on precious metals.
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After the fear of attack on Ukraine, suddenly the price of gold, silver started rising and the price of gold reached the high of 3 months in the international market. According to Anuj Gupta, VP, Commodity and Currency in IIFL Sec gold now discounting the Fed decision and more reacting on inflation and geopolitical tension.
Anuj Gupta said that the price of gold is now looking bullish. According to him, the price of gold on COMEX can reach $1880 next week. Gupta said that if this trend continues, then the price can even touch $1920 in February. Gupta said that the price of silver can touch the level of $25 next week. During February the price of silver can increase to $28.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect both precious metals remain positive this week due to Russia-Ukraine tensions and strength in global oil prices.
Jain said gold is expected to test $1884 per troy ounce and silver could also test $24 per troy ounce levels. Gold has support at $1845-1834, while resistance at $1877-1892 per troy ounce. Silver has support at $23.30-23.10, while resistance is at $23.80-24.00 per troy ounce.
According to Jain at MCX, gold is having support at 48800-48470 and resistance at 49,280-49,455 and silver is having support at 62,320-61,660 and resistance at 63,360-63,700.
Manoj Jain suggest buying gold above 49,100 with a stop loss of 48,770 on a closing basis for the target of 49,500 and silver above 63,100 with a stop loss of 62,600 on a closing basis for the target of 64,200.
Anuj Gupta said says price of gold on MCX can reach Rs 49700 next week on MCX. At the same time, this month the price is expected to go up to Rs 50200. On the other hand, the price of silver can reach Rs 64500 next week on MCX. In February, the price of silver can also reach 66000 on MCX.
Ajay Kedia, head of Kedia Commodity, told Gold Price Today that due to geopolitical tension, the price of gold can also touch the level of $1920 on COMEX. On the other hand, the price of silver can reach $ 24.5. If the price of silver on MCX goes above 62500 then it can reach Rs 66000. According to Manoj Jain, Director of Commodity and Currency at Prithvi Finmart, the price of gold and silver is expected to rise further.
According to Suraj Chauhan, Director of Chandigarh Sarafa Association, the price of gold in Chandigarh on February 12, 2022, became costlier by Rs 1200 per 10 grams. On the other hand, gold became costlier by Rs 400 in Dehradun. In Kasganj too, the price of gold became costlier by Rs 300 to Rs 50,800. The price of silver stood at Rs 65,000 per kg
In Lucknow, 24 carat gold became costlier by Rs 1100 to Rs 52400, 22 carat gold by Rs 50900, 18 carat gold by Rs 46300 and silver by Rs 500 to Rs 66000.
Gold, Silver Price 11 Feb 2022
Hallmarked Gold Jewellery Price per 10 gm in Chandigarh 12 February 2022
23 carat gold price – Rs 50200 (Rs 1200 Up)
22 carat gold price – Rs 48600
20 carat gold price – Rs 44600
18 carat gold price – Rs 40300
14 carat gold price – Rs 31500
Gold Ginni Price – Rs.40100/per 8 grams
Silver Price 999.9)- Rs 65300/kg (Rs 600 Up)
Gold Rate Today in Dehradun
24 carat gold price – Rs 50700 per 10 grams
23 carat gold price – 48570
22 carat gold price – 46340
20 carat gold price – 42300
18 carat gold price – 38530
14 carat gold price- 30420
Gold Ginni – 39170
Silver Price – Rs 65000 per kg
Silver Coin Price – Rs 770 per piece
Note: The prices being given to you on Gold Price Today are taken from different jewellers and bullion associations of the country. The price of gold, silver in your city may fluctuate as the local jewelers add GST, making charges and hallmarking charges to the gold price. Many jewelers also charge a premium for their shop. Therefore, there is a difference in the price of gold and silver at the shop in bullion.
Disclaimer: This article is written for informational purposes only. This is the opinion of the expert. If you make any investment, first take the advice of your financial advisor. Individuals associated with Gold Price Today do not personally buy, sell or trade gold/silver. Gold Price Today will not be responsible for any loss caused to you.