Gold prices held steady in early Asian hours on Monday, with investors awaiting the US Federal Reserve's rate-hike verdict due this week.
Spot gold was little changed at $1,928.32 per ounce, as of 0013 GMT. US gold futures were down 0.1 percent at $1,928.70.
At 9.55 am, gold was trading 0.28 percent higher on the Multi Commodity Exchange (MCX) at Rs 57,014 for 10 grams, while silver added 0.46 percent to Rs 68,646 a kilogram.
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Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver prices on January 27 settled on a weaker note in the international markets. Gold February futures contract settled at $1,928.00 per troy ounce, down by 0.10 percent and silver March futures contract settled at $23.725 per troy ounce, down by 1.23 percent. Domestic markets also settled on a weaker note.
We expect gold and silver prices to remain volatile this week ahead of the Fed policy meeting and Indian Union Budget. Gold has support at $1,918-1,910, while resistance at $1,938-1,950 per troy ounce. Silver has support at $23.55-23.20, while resistance is at $24.00-24.34 per troy ounce.
At MCX, gold has support at Rs 57,080-56,900 and resistance at Rs 57,500-57,680, while silver has support at Rs 67,900-67,550 and resistance at Rs 68,700-69,100. We suggest selling in gold April futures contract around Rs 57450 with a stop loss of Rs 57,660 for target of Rs 57,000.
Deveya Gaglani, Research Analyst - Commodities, Axis Securities
Gold prices are hovering around the $1930 level for the past few days as investors are cautious and have endorsed wait and watch stance before the eventful week starting from 31st Jan 23. We have a series of data such as Consumer Confidence, Fed meet, Non-farm payroll data, ISM Manufacturing, and Union Budget (India). Economic data may affect Fed monetary policy and the dollar index. Bullion prices are sensitive to the dollar index. We see strong resistance around the $1940 level and support around the $1900 level.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver ended lower last week from their highs as the dollar index recovered from its lows following the upbeat US new home sales data. The US 10-year bond yields also gained and crossed 3.50% ahead of the US Fed policy meeting that pushed gold and silver prices lower. The US new home sales in December increased by 2.3%. The US unemployment claims also declined last week.
We expect gold and silver to remain volatile this week ahead of the Union Budget and the US Fed meeting outcome. Gold has support at $1917-1905 while resistance is at $1942-1954. Silver has support at $23.52-23.35, while resistance is at $23.98-24.15. In rupee terms, gold has support at Rs 56,750-56,610, while resistance is at Rs 57,140, 57,280. Silver has support at Rs 67,850-67,320, while resistance is at Rs 68,950–69,480.
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