Gold, Silver Rates Surge On Safe-Haven Demand

Domestic spot gold with a purity of 24 carats opened at Rs 53,590 per 10 grams.

Gold Price In India: Gold and silver futures jumped on Monday, consistent with worldwide spot charges. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 supply, have been final seen 1.04 per cent up at Rs 53,542, in comparison with the earlier shut of Rs 52,992. Silver futures, due for a May 5 supply, have been final seen 1.40 per cent greater at Rs 69,995 in opposition to the earlier shut of Rs 69,032.

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Domestic spot gold with a purity of 24 carats opened at Rs 53,590 per 10 grams right this moment, and silver at Rs 69,910 per kilogram - each charges excluding GST (items and companies tax), in keeping with Mumbai-based business physique India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Gold costs rose right this moment because the Russia-Ukraine battle soured threat sentiment and drove traders to the protection of bullion. Spot gold was up 0.53 per cent at $1,985.11 per ounce. U.S. gold futures have been up 0.71 per cent at $1,985.

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Bullion is taken into account a protected retailer of worth throughout geopolitical and financial disaster.

Analyst View:

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Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold as a safe-haven are attractive due to soaring inflation and uncertainty in the Russian-Ukraine war. As long as the two factors continue to dominate markets for sentiment, a scenario for a further uptrend in gold price remains intact. It is a good opportunity to go long on every dip."

He prompt, "Buy Zone near - Rs 53,200 for the target of Rs 53,500. Sell Zone below - Rs 53,000 for the target of Rs 52,800."