Gold Price Today 12 Jan 2022: MCX gold needs to top Rs 48200 to rally, support at Rs 47400

Gold Rate Today, Gold Price in India on 12 Jan 2022: Gold and silver prices were ruling flat with a negative bias on MCX on Wednesday, mirroring global trends.

Gold Price Today, Gold Price Outlook, Gold Price Forecast:
Gold edged up as US bond yields and US dollar index came under pressure following Fed Chairman’s comments which were largely in line with expectations.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices were ruling flat with a negative bias on MCX on Wednesday, mirroring global trends. On Multi Commodity Exchange, gold February futures were trading Rs 11 down at Rs 47,678 per 10 grams, while silver March futures were ruling at Rs 61,055 per kg, down Rs 48. Globally, yellow metal prices were flat as traders focused on US inflation data for rate clues after less hawkish comments from the Federal Reserve chief fuelled a bullion rally last session, according to Reuters. Spot gold was little changed at $1,819.51 per ounce while US gold futures were up 0.1% at $1,819.80.

Bhavik Patel, commodity and currency analyst, Tradebulls Securities

Gold prices gained as Federal Reserve Chair Jerome Powell sounded upbeat on the U.S. economy, employment and promised to get inflation under control. Market was expecting a rate hike in March which remains unlikely now thus helping precious metals in gaining some ground. Near term headwinds are still there in the form of rising US Treasuries and strong US Dollar. U.S. inflation data release will play a key role in determining what’s next for the U.S. dollar. Powell suggested that they will end asset purchases in March and raise rates but the timing was not given which helped gold and crude to gain. Gold again is near to its resistance of $1830 and once that breaks, we can say gold will have smooth sailing. In MCX, gold has recovered from the lows of 47300 but looks vulnerable to selling pressure unless 48200 is not breached on the upside.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1819 per ounce in the morning trade. MCX Gold February futures were trading near Rs 47656 in the opening trade pressured by rupee appreciation. The yellow metal held gains with fall in US bond yields ahead of inflation data. The 10 year US Treasury yields were at 1.74%, down by 3.4 basis points. The inflation worries may continue to support gold prices to trade up in the short term. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1800 and resistance at $1833 per ounce. MCX Gold February support lies at Rs 47400 and resistance at Rs 48000 per 10 gram.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades little changed near $1820/oz after a 1.1% gain yesterday. Gold edged up as US bond yields and US dollar index came under pressure following Fed Chairman’s comments which were largely in line with expectations. Fed Chairman reiterated that the central bank may end bond buying and start interest rate hike this year. However, weighing on price is recovery in equity market and weaker investor interest as is evident from ETF flows. Gold continues to trade in the $1780-1830/oz range amid mixed factors and this trend may continue however Fed’s tightening expectations may keep pressure on prices

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.