Gold, Gold Prices, Yellow Metal
Gold shed over 3%, as a retreat in oil prices helped riskier assets stage a comeback following sharp declines spurred by the Ukraine war. Spot gold fell 2.8% to $1,995.55 per ounce by 15:54 GMT, snapping a four-session rally that took it to within reach of the August 2020 all-time high. US gold futures fell 2.2% to $1,999.40.
At 9.39 am, gold contracts shed 0.46 percent at Rs 52,500 for 10 gram on the Multi-Commodity Exchange (MCX) and silver slipped 0.33 percent at Rs 69,343 a kilogram.
Gold saw one of the worst falls of 3% yesterday on the back of oil retreat after Saudi Arabia assurance to increase supply. Increase in bond yields also pressurised the yellow metal and dented the safe haven demand. Investors await the latest inflation reading on Thursday in the form of the February consumer price index. The US Federal Reserve is scheduled to announce its next policy statement on March 16, said Vidit Garg, Director, MyGoldKart.
Technically on charts, support is placed at $1967 and $1950 below which we can witness $1920 kind of levels while strong resistance is now at $1984 and $2000. On the daily charts, RSI has shown strong divergence on downside while on intraday charts Moving Averages cross under are showing downtrend to continue with some bounces to be used as sell opportunity, he said.
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