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Domestic spot gold with a purity of 24 carats opened at Rs 51,620 per 10 grams today.New Delhi: Gold and silver futures jumped on Thursday, taking cues from international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 1.09 per cent up at Rs 51,160, compared to the previous close of Rs 50,610. Silver futures, due for a May 5 delivery, were last seen 2.39 per cent higher at Rs 63,134 against the previous close of Rs 61,662; and futures, due for a July 5 delivery, were last seen 2.23 per cent up at Rs 63,501 against the previous close of Rs 62,114.Domestic spot gold with a purity of 24 carats opened at Rs 51,620 per 10 grams today, and silver at Rs 63,660 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Foreign Exchange Rates:Globally, gold rates climbed more than 1 per cent after U.S. Federal Reserve Chair Jerome Powell ruled out aggressive interest rate hikes for the year as the central bank seeks to contain inflation without triggering an economic recession.Spot gold was up 0.63 per cent at $1,892.81 per ounce. U.S. gold futures gained 1.37 per cent to $1,892.50.The Federal Reserve has raised its benchmark overnight interest rate by half a percentage point (50 basis points), the biggest jump in 22 years, to tackle inflation.Bullion is considered a safe store of value during geopolitical and economic crises and also acts as a hedge against inflation. But, higher yields and a firmer dollar make gold more expensive for other currency holders. Rate hikes tend to lift bond yields, raising the opportunity cost of holding zero-yield bullion. Simply put, if dollar and yields strengthen, commodity rates usually decline.Analyst View:Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per the technical chart, gold and silver are trading at oversold zone and any time we can see a huge short-covering rally. 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 50,610, Support 1 – Rs 50,550, Support 2 – Rs 50,400,  Resistance 1 – Rs 51,000, Resistance 2 – Rs 51,500. July Silver closing price Rs 62,114, Support 1 – Rs 62,000, Support 2 – Rs 61,500, Resistance 1 – Rs 62,500, Resistance 2 – Rs 63,000.”Ravi Singh, Vice-President and Head of Research, ShareIndia: “Yesterday marked the most aggressive Fed tightening of monetary policy at one meeting in decades, aimed at rapidly reducing the economic stimulus that has contributed to rising price pressures. The Fed, which usually lifts interest rates in quarter-percentage-point increments, had last raised rates by a half percentage point in 2000.”He suggested, “Buy Zone above – Rs 50,800 for the target of Rs 51,000. Sell Zone below – Rs 50,500 for the target of Rs 50,200.”

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