Indian Gold Rates Fell By Rs. 400: Russia - Ukraine Tensions Influencing

In India, precious metals like gold and silver prices are seeing the marginal downside, although the Russia-Ukraine geopolitical tensions are still going on. Indian gold prices have fallen by Rs. 400/10 grams for 22 carat gold on March 3. The 22 carat gold prices are quoted at Rs. 47,300/10 grams, and the 24 carat gold rates are quoted at Rs. 51,600/10 grams.

Recently, Russia has besieged 2 Ukrainian seaports. The number of bomb blasts is increasing every day, and death toll is rising in Ukraine. The UN General Assembly has voted at an emergency session demanding an immediate halt to Russia's attack on Ukraine. However, India had abstained from the resolution, the Modi government thinks these two countries need more dialogue and diplomacy. In this situation, on Wednesday, the precious metal's rates have moderated marginally. So, Indian gold rates have eased a bit.

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited commented, "Gold and Silver showed downside movement in the 2nd March trading session, On the Multi-Commodity Exchange (MCX), April gold contracts closed down by 1.01% at Rs. 51,294 for 10 grams. The market is very volatile due to Russia Ukraine crisis So small traders should avoid trade for some days, As per the technical chart Gold and Silver charts are showing some profit booking and making the temporary top, Momentum indicator RSI also indicates the same hourly, as well as a daily chart, So only risky traders, are advised to create fresh short positions near given resistance levels. In India, April Gold's closing price Is Rs. 51294, Support 1 is Rs. 51000, Support 2 is Rs. 50800, Resistance 1 is Rs. 51550, Resistance 2 is Rs. 51800."
Additionally, commenting on the relation between gold and US Dollar, Dr. Ravi Singh-Vice President and Head of Research-ShareIndia said, "Gold prices shown some selling on account of higher US dollar. Investors are awaiting Federal Reserve Chairman Jerome Powell's testimony before the U.S. Congress on Wednesday and Thursday for more clarity on interest rate hikes amid the Ukraine tensions and soaring inflation. We expect gold to trade in the range-bound zone this week."
The Comex gold futures gained by 0.20% and were quoted at $1924.80/oz, till last traded. The spot gold prices were quoted at $1927.90/oz, falling by 0.09%, till last traded. On the other hand, the US dollar index in the spot market stood at 96.46, gaining by 0.04%. In India, the MCX gold in April future quoted at Rs. 51,611/10 grams, gaining by 0.62%, till last traded.