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Gold Futures opened with 0.5 per cent gains on Wednesday snapping a 5-day losing streak since the past week.
The most active Gold June contract on Multi Commodity Exchange (MCX) opened at ₹51,500, up ₹211 from previous close of ₹51,289 per 10 grams. MCX Silver May Futures opened at ₹67,217 per kg, up ₹270 from previous close of ₹66,947.
International gold showed revival after four days of losing streak. The CME Gold Futures for June contract opened in green to trade at $1930.1 on Wednesday.
Comex Gold
CME Gold for June contract opened at $1924 an oz (a troy ounce is equal to 31.1 grams) on Wednesday, against previous close of $1918.
Gold's uptrend is attributed to the growing concerns on the new Omicron variant of BA.2 which has emerged as a dominant strain for fresh surge in the new cases across several countries.
Bullion remained volatile amidst uncertain global economic and geopolitical factors.
After hitting lowest levels in a month of $24.05 yesterday, Comex Silver opened positive at $24.92 an oz on Wednesday.
The most active CME May Futures contract made advances after three days of downtrend. Silver May contract last quoted at $25.04 in early trades on Wednesday.
MCX Gold
MCX June Gold Futures maintained strength after opening positive at ₹51,500. The yellow metal traded at ₹51,584 per 10 grams, up ₹295 or 0.58 per cent at 11.10 am Wednesday. The Open interest for June contract was at 17,189 lots.
MCX Silver Futures gained further strength to trade at ₹67,330 a kg at 11.12 am up ₹383 or 0.57 per cent from previous close of ₹66,947.
The open interest for silver contract was recorded at 6,715 lots in the early trades.
Spot gold
Spot Gold softened a bit on Tuesday. The retail rates slipped from Monday's closing of ₹51,691 per 10 grams to ₹51,347 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates on Tuesday.
Analysts speak
Gold prices are expected to remain volatile without any clear direction on either side.
Factors putting pressure on gold include progress being seen on Russia-Ukraine peace talks, while a weaker dollar and a drop in yields limited downside for the yellow metal.
"We expect both precious metals to remain volatile in today’s session ahead of the U.S. GDP and ADP non-farm data. Gold has support at $1900-1882, while resistance at $1930-1940. Silver has support at $24.42- 24.00, while resistance is at $25.05-25.24," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd in his gold commentary on bullion.
MCX Gold is expected to hover between ₹50,550 and ₹51,520. Silver range is likely to be between ₹66,120 and ₹68,140.
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