Domestic spot gold with a purity of 24 carats opened at Rs 53,285 per 10 grams.New Delhi: 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 0.05 per cent down at Rs 53,245, compared to the previous close of Rs 53,272. Silver futures, due for a May 5 delivery, were last seen 0.15 per cent lower at Rs 69,870 against the previous close of Rs 69,976.Domestic spot gold with a purity of 24 carats opened at Rs 53,285 per 10 grams today, and silver at Rs 69,881 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).#Gold and #Silver Opening #Rates for 19/04/2022#IBJApic.twitter.com/QLXX4cfgUu— IBJA (@IBJA1919) April 19, 2022Foreign Exchange Rates:Globally, gold fell today as the U.S. dollar strengthened amid hopes of more aggressive rate hikes from the Federal Reserve to rein in soaring inflation. Spot gold was down 0.21 per cent at $1,974.26 per ounce. U.S. gold futures slipped 0.46 per cent to $1,973.80.Bullion is considered a safe store of value during geopolitical and economic crises and also acts as a hedge against inflation. But, a firmer dollar makes gold more expensive for other currency holders. Simply put, if the dollar strengthens, commodity rates usually decline.However, the safe-haven demand may return and the yellow metal could break above $2,000-levels as the Russia-Ukraine conflict continued and inflation worries remain. Gold had touched an over one-month high of $1,998.10 on Monday.Analyst View:Ravi Singh, Vice-President and Head of Research, ShareIndia: “The possibility of a European Union (EU) embargo on Russian gas and the threat of some curbs on crude in Europe’s next sanctions package bolstered gold and crude oil. That’s adding to already elevated raw material prices, fueling demand for gold as a hedge against accelerating inflation.”He suggested, “Buy Zone near – Rs 53,100 for the target of Rs 53,500. Sell Zone below – Rs 53,000 for the target of Rs 52,800.”Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per the technical chart, gold and silver are at the overbought zone. Anytime we can see some profit-booking in bullions. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So traders are advised to book their longs and can create fresh sell positions near given resistance levels. They should focus important technical levels given for the day: June Gold closing price Rs 53,272, Support 1 – Rs 53,150, Support 2 – Rs 53,000, Resistance 1 – Rs 53,390, Resistance 2 – Rs 53,530. May Silver closing price Rs 69,976, Support 1 – Rs 69,600, Support 2 – Rs 69,000, Resistance 1 – Rs 70,300, Resistance 2 – Rs 70,700.”
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