Bullion is considered a hedge against inflation and geopolitical risks.Gold Price In India: Gold and silver futures traded higher on Tuesday, February 22, taking cues from the international spot rates as the Russia-Ukraine crisis boosted demand. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 0.64 per cent higher at Rs 50,400, compared to the previous close of Rs 50,078. Silver futures due for a March 4 delivery were last seen 1.14 per cent up at Rs 64,318 against the previous close of Rs 63,591.Foreign Exchange Rates:Globally, gold prices hit a near nine month-high after Russia ordered troops into breakaway regions of eastern Ukraine, boosting demand for the safe-haven metal. Spot gold was up 0.2 per cent at $1,909.54 per ounce after scaling its highest since June 1 at $1,913.89 per ounce earlier. U.S. gold futures gained 0.7 per cent to $1,913.60.Bullion is considered a hedge against inflation and geopolitical risks.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: “Amid news of a potential meeting between U.S. President Joe Biden and his Russian counterpart Vladimir Putin over the Ukraine stand-off, gold prices have shown some profit-booking. However, the rising inflation worries are maintaining the safe-haven appeal.”He suggested “Buy Zone near – Rs 49,800 for the target of Rs 50,200. Sell Zone below – Rs 49,700 for the target of Rs 49,500.”Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd: “Gold and silver are showing some profit-booking on the daily chart. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to create fresh short positions near given resistance levels. They should focus important technical levels given for the day: April Gold closing price – Rs 50,078, Support 1 – Rs 50,000, Support 2 – Rs 49,800, Resistance 1 – Rs 50,500, Resistance 2 – Rs 50,700. March Silver closing price – Rs 63,591, Support 1 – Rs 63,500, Support 2 – Rs 63,000, Resistance 1 – Rs 64,500, Resistance 2 – Rs 65,000.”
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