Gold Price Today, 23 Feb 2022: Gold to trade in Rs 50000- 50900 on geopolitical tensions, high crude oil rates

Gold Rate Today, Gold Price in India on 23 Feb 2022: Gold prices in India were trading lower in India on Wednesday, after rising to a 13-month high in intraday deals in the previous session

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Wednesday, after rising to a 13-month high in intraday deals in the previous session. On Multi Commodity Exchange, gold April futures were trading Rs 138 or 0.3 per cent down at Rs 30,328 per 10 grams. Silver March futures were ruling at Rs 64,242 per kg, down Rs 130 or 0.2 per cent. Globally, yellow metal was flat holding near a nine-month high hit in the last session, as safe-haven demand was offset by a rise in Treasury yields following the first wave of US and European sanctions on Russia for sending troops into eastern Ukraine, according to Reuters. Spot gold was slightly changed at $ 1,898.63 per ounce, while US gold futures shed 0.3% to $ 1,901.90.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades marginally lower near $ 1900 / oz after a modest 0.4% gain in previous session when it tested fresh June 2021 highs. Gold eased back from recent highs as market reaction to Russia-Ukraine tensions subsided as western reaction to Russia’s troop movement was not seen as severe. US bond yields bounced back from lows while the US dollar index shed some of its recent gains. ETF investors also moved to sidelines. Gold has retreated after failing to break past the $ 1920 / oz level and we may see volatile trade as market players react to development relating to Russia however the general bias remains positive as geopolitical tensions are unlikely to subside soon.

Anuj Gupta, Vice President, IIFL Securities

Yesterday we have seen that MCX gold prices increased by 0.50% at 50328 levels and silver increased by 1.19% at 64345 levels. More sanctions and geopolitical tensions increased safe haven demand of bullions. Higher crude oil prices also supportive for gold as hedge against inflation. For today, traders can buy gold around 50200 levels with the stoploss of 49850 for the target of 50900 levels. They can also go for buy in mcx silver at 64000 levels with the stoploss of 63350 for the target of 65500 levels. In international market gold may test $ 1925 very soon.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold continues to hover near its nine months peak, near the $ 1900 level, amid the uncertainties rising between the US, and Russia over Ukraine. In the latter half of yesterday’s session profit booking was seen from the highs, as some reports mentioned a possibility of a peace treaty and we witnessed better than expected US economic data. The Biden administration could deprive Russia of a vast swath of low- and high-tech US and foreign-made goods, if it further invades Ukraine. The US, EU and Britain announced plans to target banks and elites while Germany halted a major gas pipeline project from Russia, which they say has amassed more than 150,000 troops near Ukraine’s borders. After positive Manufacturing, Service PMI and consumer confidence reported yesterday, the economic calendar is muted for the day. Market participants are also keeping an eye on the comments from Fed officials regarding monetary policy changes and overall outlook of the economy. Broader trend on COMEX could be in the range of $ 1885- 1920 and on domestic front prices could hover in the range of Rs 50,000- 50,900.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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