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Gold futures on Friday edged higher, while silver rates declined amid subdued demand.

Bullion is considered a safe store of value during geopolitical and economic crises and also acts as a hedge against inflation. But, a firmer dollar and higher yields make gold more expensive for other currency holders. Simply put, if the dollar strengthens, commodity rates usually decline.

Analyst View:

Ravi Singh, Vice-President and Head of Research, ShareIndia:“Gold may trade in a range-bound zone between ₹ 52,000 – ₹ 52,700 this week as safe-haven demand stemming from the Ukraine crisis and its potential impact on the global economy. Though a stronger dollar and a rise in yields limited gains.”

He suggested, “Buy Zone near – ₹ 52,200 for the target of ₹ 52,500. Sell Zone below – ₹ 52,000 for the target of ₹ 51,800.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per the technical chart, gold and silver are trading at demand zone. Anytime we can see a short-covering rally. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus important technical levels given for the day: ₹ June Gold closing price ₹ 52,413, Support 1 – ₹ 52,300, Support 2 – ₹ 52,100,  Resistance 1 – ₹ 52,550, Resistance 2 – ₹ 52,700. May Silver closing price ₹ 67,125, Support 1 – ₹ 66,700, Support 2 – ₹ 66,300, Resistance 1 – ₹ 67,500, Resistance 2 – ₹ 68,000.

 

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