Gold and silver prices fell on Tuesday as bond yields and oil prices eased on the possibility of Russia-Ukraine peace talks. In the Indian market, gold price fell 67 percent to Rs 51,227, while silver price shed 69 percent to Rs 67,632.
In the international market, gold prices tumbled 85 percent to $1,923. Fresh peace talks between Russia and Ukraine coupled with lower energy prices could put pressure on bullion.
However, increasing corona cases and lockdown in China may curb the sharp correction in gold prices over uncertainty.
"Gold is showing profit booking on account of gains in the US bond yield and strength in the dollar. However, gains in global energy prices and downbeat US pending home sales, durable goods and core durable goods orders data released last week supported precious metals. Gold prices may show some more correction this week," said Ravi Singh, vice-president and head of research at ShareIndia.
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Singh suggests:
Buy Zone Above - Rs 51,700 for the target of Rs 52,000
Sell Zone Below - Rs 51,300 for the target of Rs 51,000
Amit khare, AVP- Research Commodities at Ganganagar Commodity, said gold and silver showed some profit booking in the March 28 trading session. Traders should focus on these important technical levels given below for the day:
April Gold closing price: Rs 51,571, Support 1 - Rs 51,300, Support 2 - Rs 51,000, Resistance 1 - Rs 51,650, Resistance 2 - Rs 51,800.
May Silver closing price: Rs 68,105, Support 1 - Rs 67,700, Support 2 - Rs 67,000, Resistance 1 - Rs 68,300, Resistance 2 - Rs 68,800.
"For intraday traders can go for buy on dips in gold at Rs 51,450 to Rs 51,500 levels with the stoploss of Rs 51,250 levels for the target of Rs 52,200 levels. They can also go for buy in silver at Rs 67,400 to Rs 67,500 with a stoploss of Rs 66,500 for the target of Rs 68,800 to Rs 69,000 levels," said Anuj Gupta, VP-Research at IIFL Securities.
"In international market gold may trade between the range of $1910 to $1960 & Silver may trade between the range of $24.60 to 25.50 levels."
On Monday, MCX gold corrected by 0.41 percent and closed at Rs 52,388 levels. In the spot market, it corrected by 1.80 percent and closed at $1,922 levels.
MCX Silver closed 1.06 percent lower at Rs 68,105 levels, while in the spot market it was trading at $24.86.
(Edited by : Bivekananda Biswas)
First Published: Mar 29, 2022 10:22 AM IST
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