Gold Prices Today: Yellow metal to remain firm amid inflation concerns, lower economic growth prospects, Ukraine crisis

Gold Prices Today: Yellow metal to remain firm amid inflation concerns, lower economic growth prospects, Ukraine crisis

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Gold prices stayed unchanged in the international markets on March 24 as the dollar firmed up and yields hovered near multi-year peaks, offsetting support from an escalation in the Ukraine crisis.

Spot gold changed a little to $1,943.75 per ounce, while US gold futures were up 0.4 percent to $1,944.40.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.12 percent at Rs 51,831 for 10 gram at 9:36am and silver shed 0.11 percent at Rs 68,190 a kilogram.

Gold prices got support from lower levels after Russia announcement that they will sell certain fuel gases in Rouble to unfriendly countries, though tight bond yields capped the gains as traders are anticipating 50 bps rate hike in May.

Technically, gold has strong resistance at $1,944 and $1,952 from where a fall till $1,925 is possible as market is entering over bought condition on intraday charts. A break below $1,937 and $1,932 may bring severe fall in the metal. Traders will look for the unemployment claims in the evening for further clues, said Vidit Garg, Director, MyGoldKart .

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Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices are moderately higher near midday Wednesday, lifted in part by sharp gains in