Gold rate today: Yellow metal tops Rs 51,000 on MCX; silver jumps Rs 1,000

NEW DELHI: Gold prices spiked on Thursday, moving towards multi-month highs, as investors rushed towards safe-haven amid global geopolitical worries.

Ukraine declared an emergency and the West imposed more sanctions on Russia for sending troops into eastern Ukraine, while Moscow bombarded Kyiv.

Gold futures on MCX were trading higher by 1.53 per cent or Rs 772 at Rs 51,151 per 10 grams. Silver futures were trading up 1.65 per cent or Rs 1,066 at Rs 65,651 per kg.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities said gold has edged up on safe-haven buying as geopolitical tensions intensified, with Russian President Vladimir Putin declaring war on Ukraine.

“ETF inflows also show buying interest in the metal. However, weighing on price is gains in the US dollar and Fed’s monetary tightening expectations. Gold may remain volatile as market players respond to development relating to Russia,” he added.

In the spot market, the highest purity gold was sold at Rs 50,049 per 10 grams while silver was priced at Rs 64,203 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have jumped more than Rs 1,750 in the last couple of weeks, whereas silver has advanced more than Rs 2,800 per kg during the period under review.

It is reported that the Russian president decides to conduct military operations in Ukraine which has ignited a fire in the market and led to an almost 2 years high for gold, said Vidit Garg, Director, MyGoldKart. He advised small and retail investors to stay away from this volatility.

Trading strategy

“We expect gold prices to trade higher with COMEX Spot gold support at $1,900 and resistance at $1,950/1,970 per ounce. MCX Gold April futures may witness gap up openings with resistance at Rs 51,800 and support at Rs 50,200 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets

Spot gold rose 0.3 per cent to $1,912.40 per ounce by 0035 GMT, after having hit its highest since June 1 at $1,913.89 per ounce on Tuesday. US gold futures climbed 0.2 per cent to $1,913.20.

Spot silver was up 0.1 per cent at $24.55 per ounce, platinum rose 0.1 per cent to $1,093.15. Auto-catalyst metal palladium was little changed at $2,483.51, hovering close to a near six-month peak hit on Wednesday.