Gold prices in India extended gains to the seventh day in a row with prices on MCX firm above the key level of ₹50,000, supported by the safe-haven demand amid the Ukraine-Russia tensions. MCX gold futures were up 0.6% ₹50,205 per 10 gram while silver jumped 0.54% to ₹64580 per kg.
In global markets, gold hovered near the highest level in almost three months as investors sought clues on whether the latest developments in geopolitical tensions over Ukraine would maintain demand for the haven asset.
“Gold is all set to make one of the biggest fortnightly gains in recent months on the back of tensions between Russia and Ukraine despite strong minutes from FED which signaled a hawkish stance in the coming months. Technically moving forward market will give correction only if it hears something concrete on the ongoing geopolitical tension. Support is at $1850 while resistance is placed at $1,884. Traders are advised to short the metal only if it breaks last two hours low with a stop loss of day’s high and target of $1840,” says Vidit Garg, Director , MyGoldKart.
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