Gold futures were last seen 0.08 per cent up at Rs 51,414.Gold Price In India: Gold futures climbed on Wednesday, while silver rates fell to trade below Rs 66,000. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 0.08 per cent up at Rs 51,414, compared to the previous close of Rs 51,371. Silver futures, due for a May 5 delivery, were last seen 0.31 per cent lower at Rs 65,993 against the previous close of Rs 66,198.Foreign Exchange Rates:Globally, gold prices fell today as a rise in bond yields globally put pressure on the yellow metal. Spot gold traded 0.1 per cent down at $1,921.76 per ounce.Analyst View:Ravi Singh, Vice-President and Head of Research, ShareIndia: “Gold may trade in a range-bound zone between Rs 51,000 – Rs 51,700 this week as Ukraine-Russia peace talks pointed towards progress. Though, a stronger U.S. dollar and a rise in yields limited gains.He suggested, “Buy Zone above – Rs 51,500 for the target of Rs 51,700. Sell Zone below – Rs 51,200 for the target of Rs 50,800.”Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Market are very volatile nowadays due to the Russia Ukraine crisis. As per the technical chart, gold and silver showed some short covering. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus important technical levels given for the day: June Gold closing price Rs 51,371, Support 1 – Rs 51,200, Support 2 – Rs 51,000, Resistance 1 – Rs 51,500, Resistance 2 – Rs 51,700. May Silver closing price Rs 66,198, Support 1 – Rs 65,900, Support 2 – Rs 65,500, Resistance 1 – Rs 66,600, Resistance 2 – Rs 67,000.”
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