Gold futures were last seen 0.07 per cent down at Rs 51,499.Gold Price In India: Gold and silver futures slipped on Tuesday, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 0.07 per cent down at Rs 51,499, compared to the previous close of Rs 51,533. Silver futures, due for a May 5 delivery, were last seen 0.06 per cent lower at Rs 66,257 against the previous close of Rs 66,295.Foreign Exchange Rates:Globally, gold prices fell today as a stronger U.S. dollar and rising Treasury yields negated safe-haven buying. Spot gold was down 0.28 per cent at $1,927.09 per ounce. U.S. gold futures fell 0.11 per cent to $1,927.10.Analyst View:Ravi Singh, Vice-President and Head of Research, ShareIndia: “Gold prices may see some profit-booking this week on hopes of de-escalation of tensions between Russia and Ukraine. The rising U.S. treasury yields and a stronger dollar are supporting the downside move in the gold.”He suggested, “Buy Zone above – Rs 51,650 for the target of Rs 51,900. Sell Zone below – Rs 51,300 for the target Rs 51,000.”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 are showing some recovery. 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 51,533, Support 1 – Rs 51,480, Support 2 – Rs 51,300, Resistance 1 – Rs 51,600, Resistance 2 – Rs 51,800. May Silver closing price Rs 66,295, Support 1 – Rs 65,950, Support 2 – Rs 65,500, Resistance 1 – Rs 66,600, Resistance 2 – Rs 67,000.”
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