Gold Price Today, 28 Dec 2021: Gold to trade sideways to up; here’s how MCX gold, silver likely to trade

Gold Rate Today, Gold Price in India on 28 December 2021: Gold prices were trading higher in India on Tuesday, even as global rates remained steady.

Gold Rate Today, Gold Price Today in India
Gold prices held steady near $1809 per ounce on Tuesday morning on mixed global cues. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Tuesday, even as global rates remained steady. On Multi Commodity Exchange, gold February futures were trading Rs 104 or 0.22 per cent up at Rs 48,170 per 10 grams, as against the previous close of Rs 48,066. Silver March futures were ruling at Rs 62,415 per kg, up Rs 114 or 0.18 per cent on MCX. In the previous session, silver futures ended at Rs 62,301 per kg. Globally, yellow metal prices remained steady at near one-week high hit in the previous session as the US dollar and Treasury yields, key influences on bullion prices, were largely flat, according to Reuters. Spot gold was mostly flat at $1,810.76 per ounce while US gold futures were up 0.2 per cent at $1,811.70.

Bhavik Patel, Commodity/Currency Analyst, Tradebulls Securities

Gold prices traded on both sides in a quieter session. There is a lack of participation because of the holiday season and we may see both gold and silver trading flat this week. There are still coronavirus worries, but there are also vaccines and drugs coming on line to battle the virus which is neutral for gold. Gold still is able to hold its head above $1800 and we would advise traders to trade intraday and not carry any overnight positions because of lower volume. The most significant impact for gold remains rising inflation pressures and Federal Reserve interest rates hikes. The factors that could push gold prices down have already been factored in by the markets like the US Fed raising interest rates from as early as March. Gold has good support around 47900-47860 as since the start of the Dec, gold has managed to bounce back from those levels while peak made during mid of Dec will be its resistance around 48700.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices held steady near $1809 per ounce on Tuesday morning on mixed global cues. The omicron virus worries have kept the risk premium high in gold prices. MCX Gold February contract opened marginal up near Rs. 48130 per 10 gram in line with some recovery in COMEX gold prices. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 and resistance at $1820 per ounce. MCX Gold February support lies at Rs 47900 and resistance at Rs 48400 per 10 gram.

Ravi Singh, Vice President & Head of Research, ShareIndia Securities

With the rising cases of Omicron day by day, the fear of the slowing of economies in the new year is gripping the market sentiments. Gold prices are in consolidation mode and the traders are closely monitoring the developments. Any fresh trigger may pull the gold prices higher.

Buy Zone Near – 48100 for the target of 48350
Sell Zone Below – 48000 for the target of 47800

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Gold and Silver prices are looking firm at this movement and likely to break out the range soon. However, the Dollar, which usually moves opposite to Gold prices showing strength but US bond yields fell around 1% in the previous session which may support Gold and Silver prices. On the other hand, Silver prices are supported by industrial metals and further strength is expected above 63000 levels. Gold has support at 47900 and resistance at 48300.

(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.)

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