Gold Rate Today, Gold Price in India on 22 February 2022: Gold prices in India were trading at a 13-month high level on Tuesday, taking cues from international markets
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading at a 13-month high level on Tuesday, taking cues from international markets as Russia-Ukraine tensions escalated. On Multi Commodity Exchange, gold April futures were trading Rs 361 or 0.7 per cent up at Rs 50439 per 10 gram. Silver March futures were ruling at Rs 64,744, rising Rs 761 or 1.20 per cent from last close. Globally, yellow metal prices hit a near nine month-high after Russia ordered troops into breakaway regions of eastern Ukraine, boosting demand for the safe-haven metal, according to Reuters. Spot gold was up 0.2% at $1,909.54 per ounce, and US gold futures gained 0.7% to $1,913.60.
Anuj Gupta, Vice President, IIFL Securities
MCX Gold is trading at 13 months high at 50487 levels, however, spot gold is trading at $1911 levels which is 8-month high levels. MCX Gold prices increased by 4.96% in the year 2022 till date. Geopolitical tension coupled with higher crude oil prices boost the safe haven demand of yellow metal. Technically, we expect the gold to test $1925 and $1950 levels very soon. Above $1950 it may test $1980 -$2000 levels. In the domestic market, if gold is able to sustain above 50700 level than it may lead a rally towards 51500 to 52300 and then to 53000 levels. For intraday, traders can buy gold around 50200-50300 levels with the stoploss of 49900 for the target of 51000 levels.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded higher on Tuesday with spot gold prices at COMEX were trading near $1909 per ounce in the morning trade. MCX Gold April futures opened higher near Rs. 50470 per 10 gram. Gold prices rallied on geopolitical risk after Russia ordered troops to two breakaway regions of the eastern Ukraine. The renewed concerns boosted safe haven buying in gold along with the dollar. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1890 and resistance at $1920 per ounce. MCX Gold April support lies at Rs. 50100 per 10 gram and resistance at Rs. 50700 per 10 gram.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold prices hit a near nine month-high, after tensions between Russia and U.S. over Ukraine continue to rise. Russian President Putin ordered troop deployments to pro-Moscow, breakaway regions of Ukraine, increasing the threat of a full-scale annexation of the Eastern European country. Putin’s order for sending troops into Ukraine comes after Russia earlier said it was recognizing the independence of separatist factions in the Donbas region. Amidst this uncertainty dollar also got some support, while U.S. 10Y yield was weighed down below 1.9 level. U.S. President Joe Biden signed an executive order to prohibit trade and investment between U.S. individuals and the two breakaway regions of eastern Ukraine. Yesterday, U.S. was shut on the back of President’s day, hence we could see a higher volatility in the market today. Focus today will be on the U.S. Manufacturing and Service PMI, Consumer confidence data and speeches from a few fed officials. Broader trend on COMEX could be in the range of $1895-1935 and on domestic front prices could hover in the range of Rs. 50,000- 50,900.
Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart
Gold and Silver prices remained range-bound in the previous session due to President’s day in the USA. Uncertainty over Russia-Ukraine is intact which may further support the prices of precious metals. On the other hand, Crude oil prices are coming out of the previous week’s sell-off which may support the Gold prices. The US dollar index and the 10-year bond yields also remained down marginally which may support bullion prices in today’s session. Gold has resistance at 50300 and support at 49700.
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