The UN General Assembly has recently suspended Russia from the Rights Body, on the back of the Russia-Ukraine war. This has triggered the global scenario again and investors are worried that the situation can worsen again. Additionally, Russia is facing new sets of economic sanctions. Keeping these in mind, investors and traders are expecting that gold, the yellow metal can again rise in the global markets.
Analyst Todd Horwitz commented to Kitco News, "Nobody knows the next move in gold and silver; it could be up or down. A trade now can go either way; we are short and will assume lower. We would not be surprised if the breakout was higher. If so, we would take our losses, reverse them, and look for a rally." Analyst Jordan Roy-Byrne added on this matter."Gold has resistance at $1970 with support at $1900, $1880, and the 200-day moving average if it were to fall that far. Gold is much stronger than Silver as it rallied back to the August 2020 peak and is holding well above an upward sloping 200-day moving average."
However, strategists at J.P Morgan are expecting "another 30% to 40% upside for commodities." the yellow metal is a hedge against inflation, and considering gaining inflation rates in all of the major countries, gold rates can further surge.
Indian gold rates have surged on April 7, by around Rs. 250/10 grams. The 22 carat gold rates are quoted at Rs. 48,250/10 grams, and the 24 carat gold rates are quoted at Rs. 53,630/10 grams. On the other hand, in Chennai, 22 carat gold rate is quoted at Rs. 48,820/10 grams, and in, Hyderabad, Bangalore, Kolkata, and Kerala 22 carat gold rate is quoted at Rs. 48,250/10 grams.
The Comex gold futures were quoted at $1941.10/oz, gaining by 0.18%, till last traded. Yesterday it was last quoted at $1937.80/oz. The spot gold prices are quoted at $1941.30/oz, gaining by 0.47%, till last traded. On the other hand, the US dollar index in the spot market stood at 100.14, surging by 0.27%. In India, the MCX gold in June future was quoted at Rs. 52,020 grams, gaining only by 0.24%, till last traded.