New Delhi: Gold and silver rates were firm today, March 4, in Indian markets as commodities extended their massive rally. Tensions rose on Friday after Russia escalated its assault by attacking a Ukrainian nuclear plant, the biggest in Europe, according to Ukrainian officials.
On MCX, gold futures were up 0.5% to ₹52,012 per 10 gram while silver jumped 0.6% to ₹68,296 per kg. In global markets, spot gold rose above key level of $1,950.88 an ounce earlier in the session today as escalation in fighting between Ukraine and Russia boosted the safe-haven demand for gold. The shelling of Europe’s largest nuclear power plant raised concerns over the safety of the facility in Ukraine.
In latest trade, gold was off its day’s high and was at $1,940.74, with prices are up more than 2% this week. The resulting surge in oil prices has stoked concerns about global growth and inflation risks. Investors have sought out bullion as a store of value amid the uncertainty, with inflows into gold-backed ETFs seeing strong inflows in recent days. Spot silver was up 0.4% at $25.25 per ounce and set for a fifth consecutive weekly rise.
“We expect gold prices could test $1962 per troy ounce and silver could also test $25.80 per troy ounce levels. Gold has support at $1922-1908, while resistance at $1948-1962 per troy ounce. Silver has support at $24.88-24.50, while resistance is at $25.55-25.80 per troy ounce. In rupee terms, gold has support at ₹51,457–51,144, while resistance is at ₹52,017–52,264. Silver has support at Rs67,478- 67,051 while resistance is at Rs68,553–69,201,” said Rahul Kalantri, VP Commodities, Mehta Equities.