Gold prices rebounded on Thursday after the yellow metal took breather in the previous session. The precious metal, which is considered to be safe-haven investment instrument, was nearly 0.5 percent up in the Indian market.

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MCX gold April contract was trading 0.57 percent higher at Rs 51,585 at 9:52 am.

"We are recommending buy in Gold at Rs 51,000 to Rs 51,100 levels with the stoploss of Rs 50,650 for the target of Rs 51,800 levels. They can also buy in silver at Rs 67,200-Rs 67,400 levels with the stoploss of Rs 66,500 for the target of Rs 68800 - Rs 69,000 levels," said Anuj Gupta, VP-Research, IIFL Securities.

MCX Silver April contract also went up by 0.54 percent to Rs 68,030 on Thursday. In the international market, gold may test $1965 to $1980 levels and silver may test $27 to $30 soon, Gupta said.

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On Wednesday, MCX gold prices corrected by 1.01 percent to Rs 51,294 levels. In international market, it was trading at $1,929 levels per ounce. Silver corrected by 0.75 percent to Rs 67,667 levels. In the international market, it was trading at $25.18 per ounce.

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Geopolitical tension, high crude prices, fear of inflation are supportive for yellow metals, Gupta added. "Demand of gold etf increased by 46.3 tonnes or $2.7 billion in January 2022. "Selloff in equity and depreciation in currency turned the investors toward the yello metal as safe-haven asset."

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Bitcoin tumbled on Thursday after rising for the past couple of sessions as Ukrainians and Russians were holding cryptocurrencies to make sure that their flow of money doesn't get impacted due to sanctions imposed by the Western countries. Wall Street closed higher on Wednesday after Fed the comment on the interest rate increase. Asian markets too were in the green on Thursday.

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(Edited by : Bivekananda Biswas)

First Published:Mar 3, 2022 10:31 AM IST