Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading little unchanged on Thursday, taking cues from global markets. On Multi Commodity Exchange, gold February futures were trading Rs 26 down at Rs 48,350 per 10 grams. Silver March futures were ruling at Rs 64,590 per kg, up Rs 185 or 0.3 per cent on MCX. Globally, yellow metal prices steadied near a two-month high hit in the previous session, with higher U.S. Treasury yields preventing any gains amid caution building around developments at the U.S. Federal Reserve’s meeting due next week, according to Reuters. Spot gold was flat at $1,839.36 per ounce, while US gold futures were down 0.1% at $1,840.60.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded firm on Thursday with COMEX Spot gold prices were trading near $1840 per ounce in the morning trade. MCX Gold February futures crossed the key psychological resistance at Rs. 48000 per 10 gram. The yellow metal rallied on geopolitical risk on Russia Ukraine tension despite of strong US bond yields and firm dollar. The US warned that Russia may soon launch an attack on Ukraine which boosted buying in gold as a safe haven asset. We expect gold prices to trade up for the day with COMEX Spot gold support at $1820 and resistance at $1852 per ounce. MCX Gold February support lies at Rs. 48100 and resistance at Rs. 48700 per 10 gram.
Bhavik Patel, commodity and currency analyst, Tradebulls Securities
Gold hits two month high as investors are flocking to safe haven metals amid inflation and geopolitical tensions. In Britain, annual inflation was highest since Mar 1992 while both US and Canada inflation is highest in 30 years. Treasury yields have taken a step back and the US dollar is down slightly while VIX and volatility are higher which is a perfect mix for gold to get tailwind. In terms of seasonality too, January is the best month of the year for gold over the past five-to-ten year window. Improving physical demand especially from China is high during this time of the year. We expect gold to retain the upside momentum till the end of this week before focus starts shifting on upcoming FOMC meet where market participants are expecting US Fed to announce when they still start lifting rates. $1850 is next resistance for gold in COMEX while support has now shifted to $1808. In MCX, resistance is at 48800 while support is at 47800.
Ravi Singh, Vice President & Head of Research, Share India Securities
Gold prices in MCX have broken the resistance of 48000 where most of the sellers have placed their stop losses. The surge in volume showed that gold is now in strong hands and may move towards the 49000 level in next trading sessions. US dollar and treasury yields have also eased, favourable for gold prices trend.
Buy Zone Near – 48150 for the target of 48500
Sell Zone Below – 48000 for the target of 47800
Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart
Gold and Silver prices soared on worry over inflation as Crude oil prices have breached the resistance level and look set to move towards 100$. Investors kept them away from risky assets and switched to safe haven. The dollar index and bond yield also retreated from current levels. In MCX, Gold has resistance at 48300 above this level it may move towards 48700 levels. It has support at 48000. Silver has resistance at 64500 and support at 63300.
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