New Delhi: Gold and silver prices today, February 18, fell in Indian markets, a day after witnessing big gains.
On MCX, gold rates fell 0.3% to ₹50230 per 10 gram while silver edged 0.06% lower to ₹63825 per kg. Gold rates had jumped about ₹900 on Thursday amid Ukraine tensions.
In global markets, gold rates slipped today after US-Russia agreed for talks over the Ukraine standoff, easing some geopolitical concerns that had fuelled demand for the haven asset. Spot gold fell 0.4% to $1,890.91.
“Comex gold trades modestly lower near $1892/oz after a 1.6% gain yesterday. Gold has come off June 2021 highs amid reports that US Secretary of State and Russian foreign official may meet next week and also amid some hawkish comments from Fed officials. Gold may remain volatile as market players assess geopolitical situation however the general bias may be on the upside until US and western countries dial down possibility of an attack by Russia or unless there is a major breakthrough in diplomatic talks,” said Ravindra Rao, head of commodity research at Kotak Securities.
In a note, Kotak Securities said that commodities may remain volatile as uncertainty relating to Russia may keep financial markets volatile. While tensions persist, market reaction may subside if there is no fresh escalation or if diplomatic efforts are made to resolve the issue.
On Thursday, gold pierced the $1,900 barrier for the first time since June 11, 2021, when the precious metal rose 1.8%. Ukraine tensions has roiled global financial markets in recent days as US ramped up warnings of a possible Russian attack though Kremlin said no invasion was planned.
“Technically strong base for gold is around $1880. high trade volumes are required below this level by bears to take control of the situation. RSI has once again started diverging after dropping in the morning while ADX is reflecting exhaustion of the Bulls. Traders can sell metal below $1880 for target of $1,855 while a move above $1,903 can be use for buying for the target of $1918. No trading zone is between $1880 -$1903,” said Vidit Garg, director at MyGoldKart.