Gold Price Support at Rs 50900, Silver Remains Strong – Neal Bhai

Commodity prices traded mixed with bullion prices continued to soar on geopolitical risk and inflation worries while crude oil prices declined on eased supply worries.

Base metals witnessed selling on stronger dollar and profit covering over huge margin calls as LME halted trading in Nickel. Gold price traded higher with spot gold prices at COMEX ended 0.90% up at $1988 per ounce for the week. Gold April futures at MCX rose by 0.61% to Rs. 52878 per 10 gram along with rupee depreciation.

The spot rupee fell by 0.56% at 76.59 against the dollar for the week. Gold ETF holdings witnessed inflows as holdings at SPDR Gold Shares rose to 1064 tonnes from previous week’s 1054 tonnes with increased investment into safe haven assets. The CFTC data showed that money managers have increased their net long positions by 7591 lots in the last week.

Silver prices rallied with spot silver prices at COMEX rose by 0.66% to $25.87 per ounce for the week. MCX Silver March futures surged by 3.69% to Rs. 70370 per KG for the week. Silver prices have remained strong on higher demand outlook for industrial metals over lower supply worries along with safe haven buying. The CFTC data showed that money managers have increased their net long positions by 6525 lots in the last week.

Bullion prices extended gains for the second week on geopolitical risk as Russia-Ukraine conflicts dragged on following more sanctions on Russia. The precious metals soared on safe haven buying over inflation worries as Russian sanctions resulted in a rise in commodities prices. The inflation fears have risen with a surge in key commodities like wheat and crude oil along with metals which may hinder global economic recovery. The demand for bars and coins hit 1,124 tons in 2021, the highest in almost a decade, according to the World Gold Council.

Bullion prices have capped upside as Russia-Ukraine are making progress in talks in order to restore diplomatic solutions. The market focus will remain on the upcoming US FOMC meeting this week where the Fed may hike key interest rates by 25 bps.

We expect gold price to trade sideways to up in the coming week with COMEX Spot Gold resistance at $2015 per ounce and support at $1950 per ounce. At MCX, Gold April prices have near term resistance at Rs. 54750 per 10 grams and support at Rs. 50,900 per 10 gram. COMEX Spot silver has near term resistance at $27 per ounce with support at $23.55 per ounce. MCX Silver May has important resistance at Rs. 73525 per KG and support at Rs. 67000 per KG.

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