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Gold Futures fell at the opening on Thursday after positive indications from Ukraine-Russia peace talks weakened the yellow metal's geopolitical safe-haven premium.
The most active Gold June contract on Multi Commodity Exchange (MCX) opened at ₹51,587 down ₹189 from previous close of ₹51,776 per 10 grams. MCX Silver May Futures slipped below ₹67,000 levels to open at ₹66,990 a kg, down ₹409 from previous close of ₹67,406.
International gold opened in red after the Russian regime gave multiple indications of resolution of Russia-Ukraine conflict. Russia has reportedly sought written demands from Ukraine, and also hinted at de-escalation in its armed advancement in Ukraine.
The CME Gold Futures for June contract opened at $1937.3 on Thursday, against previous close of $1939 an oz.
Comex Gold
CME Gold for June contract last quoted at $1925.8 an oz (a troy ounce is equal to 31.1 grams) in early trades on Thursday.
Gold prices witnessed heavy volatility since March 24, when the prices hit $1972.5 an oz before falling to $1893.2 an oz on March 29.
CME Silver May Futures traded one per cent down on Thursday, tracking overall weakness in the bullion. Silver futures last quoted at $24.715 an oz as against previous close of $25.115.
MCX Gold
MCX June Gold Futures slipped further into red, losing by over 0.5 per cent in the initial trading hour on Thursday. The yellow metal traded at ₹51,469 per 10 grams, down ₹307 or 0.59 per cent at 10.36 am Thursday. The Open interest for June contract was at 18,437 lots.
MCX Silver Futures lost over one per cent on Thursday to trade at ₹66,654 a kg at 10.36 am, down ₹752 or 1.12 per cent from a previous close of ₹67,406.
The open interest for silver contract was recorded at 6,010 lots in the early trades.
Spot gold
Spot Gold slid further amidst weakening international bullion. The retail rates as polled from the jewellers on Wednesday was ₹51,449 per 10 grams of 999 purity fine gold, as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates.
Analysts expected some pullback in gold prices amidst easing West Asia tensions.
Ajay Kedia from Kedia Advisory commented that a day before, gold prices had gained, buoyed by a weaker dollar and a marginal pullback in US bond yields. But the investors were seen awaiting for an update on Russia-Ukraine talks in Turkey.
"Today we can see some pullback in gold prices, as Russia and Ukraine will resume peace talks online on April 1, also Moscow has pledged to curtail military operations around Kyiv and Chernihiv in an effort to de-escalate the war," said Kedia.
MCX Gold is expected to hover between ₹51,225-52,145, while Silver range is likely to be between ₹66,715-68,141.
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