Gold Price, Silver price, MCX Silver: Gold and silver showed roller coaster moves last week after the Russian invasion on Ukraine with full blown. Gold prices crossed $1970 per troy ounce and silver prices also crossed $25 per troy ounce during the week but profit taking was seed at higher levels and prices slipped again. Know views of Commodity Expert of Kedia Commodity, Prithvi Finmart, IIFL Sec and Religare Broking on gold and silver.
Despite downbeat U.S. pending home sales data and weakness in the dollar index gold and silver plunged again. Global equity markets rebounded on Friday after NATO said they are not entering in to war. Global energy prices also cooled off on Friday and supported riskier assets at lower levels. However, global inflation concerns and ongoing war between the Russia and Ukraine supported prices at lower levels.
Last week on Friday, gold and silver were settled on a weaker note in the international markets. Gold April futures contract were settled at $1,890.55 per troy ounce, down by 1.86% and silver March futures contract were settled at $24.31 per troy ounce, down by 1.55%. Domestic markets were also settled on a weaker note. Gold April futures contract settled at Rs50,221 per 10 grams with a loss of 2.56% and silver March futures contract settled at Rs64,905 per kilogram with a loss of 2.98%
Manoj Jain, Director of Commodity and Currency We expect both precious metals to remain volatile this week amid volatility in the dollar index, Fed Chairman testify and statements on Russia-Ukraine war. Any further decline in the prices would be an opportunity for buying at lower levels. Gold has support at $1874-1862, while resistance at $1910-1922 per troy ounce.
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Jain said silver has support at $24.00-23.80, while resistance is at $24.70-25.10 per troy ounce. At MCX, gold is having support at 49920-49660 and resistance at 50550-50800 while silver is having support at 64220-63660 and resistance at 65750-66200.
Manoj Jain suggest buying in the gold on dips around 49950 with a stop loss at 49600 on a closing basis for the target of 50550 and silver around 64340 with a stop loss of 63600 on a closing basis for the target of 65500.
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Ajay Kedia, Head of Kedia Commodity said, Interest rates may rise in the US by Federal Reserve. He said that due to the issue of Russia and Ukraine, the prices will remain high. The rise in prices is also expected due to inflation. According to Sugandha Sachdeva, VP, of Commodity and Currency in Religare Broking, once the market will go up and then there will be a correction.
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According to Anuj Gupta, Vice President, India Infoline Securities, due to inflation and geo-political tension, there will be bullishness in the prices of gold and silver. Gupta said that going forward, the price of Gold on COMEX can show the level of 1960 to 1980 dollars. On the other hand, the price of Gold on MCX can go from Rs 52500 to Rs 52800.
Gupta has given a target of $ 25 to $ 25.5 for the price of silver on COMEX for the next week. According to him, the price of silver on MCX can show a level of Rs 67000 to 70000.
In Lucknow on 26 February became cheaper by Rs 800. Silver fell by Rs 500. In Lucknow, the price of 24 carat gold was Rs 52700, 22 carat gold was Rs 51200 and 18 carat gold was Rs 46500. The price of silver stood at Rs 67000.
According to Suraj Chauhan, Director of Chandigarh Sarafa Association, on 26 Feb 2022 the price of gold became costlier by Rs 300 and silver by Rs 200. The effect of war between Russia and Ukraine is on the price of gold and silver.
Hallmarked Gold Jewellery Price per 10 gm in Chandigarh 26 February 2022
23 carat gold price – Rs 51400
22 carat gold price- Rs 48900
20 carat gold price – Rs 45600
18 carat gold price – Rs 41400
14 carat gold price – Rs 32400
Gold Ginni Price – Rs.41100 per 8 grams
Silver Price 999.9)- Rs 66500/kg
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.