NEW DELHI: Gold prices dropped sharply on Friday on profittaking although remained at mul-month highs amid global geopolical worries. The bullion investors reassessed the situaon surrounding Russia's invasion of Ukraine and fresh sancons against Moscow from the West. Gold futures on MCX were trading lower by 1.05 per cent or Rs 553 at Rs 51,000 per 10 grams. Silver futures were trading down 1.65 per cent or Rs 1,105 at Rs 65,793 per kg
Ravi Singh, Vice President and Head of Research, ShareIndia said that gold may connue its bull run taking cues from the geopolical tension and higher inflaon.
Buyers in major Asian hubs put off physical gold purchases last week due to a rally in prices on escalang Russia-Ukraine tensions, pushing Indian dealers to offer the highest discounts in nearly seven months.
Exchange-traded funds (ETFs) that invest in gold and other precious metals have seen massive inflows as investors rush to shield themselves.
In the spot market, the highest purity gold was sold at Rs 52,540 per 10 grams while silver was priced at Rs 68,149 per kg on Thursday, according to the Indian Bullion and Jewellers Associaon.
The spot prices of gold have jumped more than Rs 2,600 in the last four sessions, whereas Silver has advanced about Rs 4,700 per kg during the period under review
"We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,870 and resistance at $1,970 per ounce. MCX Gold April support lies at Rs 50,800 and resistance at Rs 51,800 per 10 gram," said Tapan Patel, Senior Analyst (Commodies), HDFC Securies.
Spot gold rose 0.3 per cent to $1,909.06 per ounce by 0204 GMT. US gold futures fell 0.8 per cent to $1,910.70. The metal jumped more than 3 per cent on Thursday to hit its highest level since September 2020 at $1,973.96.
Spot silver rose 0.5 per cent to $24.33 per ounce, planum was up 0.4 per cent to $1,061.40. Palladium gained 1.4 per cent to $2,435.77, aer reaching its highest level since July 2021 at $2,711.18 on Thursday.
Gold prices rose on Friday, steadying aer a volale session, as investors reassessed the situaon surrounding Russia's invasion of Ukraine and fresh sancons against Moscow from the West.
* Spot gold rose 0.3% to $1,909.06 per ounce by 0204 GMT. U.S. gold futures fell 0.8% to $1,910.70.
* The metal jumped more than 3% on Thursday to hit its highest level since September 2020 at $1,973.96, before reversing course to close lower.
* On Friday, Ukrainian President Volodymyr Zelenskiy vowed to stay in Kyiv as his troops baled Russian invaders who are advancing toward the capital in the biggest aack on a European state since World War Two.
* Commodity prices jumped to mul-year highs on Thursday, buoyed by prospects of ghter supplies due to the possibility of more sancons on Russian exports, transport disrupons and Moscow withholding supplies.
* U.S. President Joe Biden hit Russia with a wave of sancons, measures that impede Russia's ability to do business in major currencies, along with sancons against banks and state-owned enterprises.
* Exchange-traded funds (ETFs) that invest in gold and other precious metals have seen massive inflows as investors rush to shield themselves.
* Palladium prices are up nearly 28% this year, while gold has gained about 4.5%.
* Auto-catalyst metal palladium gained 1.4% to $2,435.77, aer reaching its highest level since July 2021 at $2,711.18 on Thursday.
* Russia's Nornickel is a major producer of palladium and planum, which are both used in catalyc converters to clean car exhaust fumes.
* Spot silver rose 0.5% to $24.33 per ounce, planum was up 0.4% to $1,061.40.