Gold and Silver Outlook - March 7, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot and COMEX gold and silver futures ended in the green on Friday as Russia's invasion of Ukraine intensified.

Domestic gold, silver and the bullion Index futures also ended stronger on Friday.

Gold also found support amid soaring inflation. Most of the raw commodity prices have spiked since the Russian attack on Ukraine.

The U.S. Dollar remained firm but had very little impact on markets.

Unemployment in the U.S. dropped to 3.8% edging it closer to the pre-pandemic rate while the economy added 678,000 in February.

International gold spot and COMEX futures hit $2000/ounce this Monday morning in Asian trade as concerns over Russia-Ukraine conflict pushed investors towards safe-haven assets.

Technically, if LBMA Gold trades above $2000 level could witness a Bullish momentum up to $2015-$2022 levels. Support is at $1982-$1970 levels.

Domestic gold prices could start stronger this early Monday morning, tracking overseas prices.

Technically, if MCX Gold April above 52500 level could witness a bullish momentum up to 52750-53000 levels. Support is at 52350-52200 levels.

International silver spot and COMEX futures started stronger this Monday morning in Asian trade.

Technically, if LBMA Silver above $26.00 could witness an upside momentum up to $26.18-$26.87 levels. Support at $25.80-$25.00 levels.

Domestic silver prices could start higher this early Monday morning, tracking overseas prices.

Technically, if MCX Silver May above 69000 level could witness a bullish momentum up to 69600-70200 levels. Support is at 68800-68500 levels.