Gold price in India continued to rise on Tuesday. The yellow metal price crossed Rs 50,000-mark for the first time in eight months last week due to escalating tension between Ukraine and Russia. The sooner-than-expected rate hike prediction United States by Federal Reserve always made the investors jittery. On the Multi-Commodity Exchange, the gold future price jumped 0.72 per cent to Rs 50,439 for 100 grams at 0948 hours on February 22. Silver price saw a huge jump on Tuesday. The precious metal future increased Rs 64,345 for a kilogram on Tuesday.
In the international market, gold price hit nine-month high as the Russia-Ukraine conflict had intensified. Spot gold increased 0.2 per cent to $1,909.60 per ounce by 0332 GMT per ounce. At one point it scaled to $1,913.89 per ounce, highest since June 1. US gold futures rose 0.6 per cent to $1,911.50.
Tension escalated further after the Kremlin announced Putin would sign a declaration recognizing two breakaway regions in eastern Ukraine as independent. The EU warned it would consider sanctions if the regions are recognized as independent.
European financial markets tumbled at signs of increased confrontation and supported the yellow metal.
International gold spot and futures started higher this Tuesday morning in Asian trade after Russia ordered troops into breakaway regions of eastern Ukraine, boosting demand for the safe-haven metal.
Technically, if Spot LBMA Gold trades above $1900.02 level, it could continue the bullish momentum up to the resistance zone at $1913.65-$1921.65. A trade below could pull the prices to the support zone at $1892.00-$1878.39.
Domestic gold prices could start stronger this early Tuesday morning tracking the overseas prices.
Technically, if MCX Gold April trades above 50000 level, it could continue the bullish momentum up to the resistance zone at 50225-50370. A trade below could pull the prices to the support zone at 49850-49620.
International silver spot and futures have started higher this early Tuesday morning in Asian trade, tracking gold prices.
Technically, if Spot LBMA Silver trades above $23.885 level, it could witness a bullish momentum up to the resistance zone at $24.105-24.270. A trade below could pull the prices to the support zone at $23.720-$23.505.
Domestic silver prices could start stronger this early Tuesday morning tracking the overseas prices.
Technically, if MCX Silver March trades above 63540 level, it could witness a bullish momentum up to the resistance zone at 63805-64015. A trade below could pull the prices to the support zone at 63325-63060.
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