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Gold and silver have witnessed a sharp rally following Russia’s invasion of Ukraine. But the prices soon cooled off as a firm US dollar and upside in bond yield eroded the bullion’s sheen. Currently, gold is down 10 per cent from its record peak, having breached the Rs 50,000 mark on MCX India 1272.55-18.55 (-1.44%) TOP INS .
Sachdeva, Vice President – Commodity and Currency Research , NSE -4.59 % Broking said gold is likely to garner strong demand as a value investment after the recent decline. We expect a recovery in prices from lower levels, where Rs 48,800 would be a crucial level to watch out for. As long as the prices are holding above it, we foresee renewed demand for the precious metal,” Sachdeva said