Gold prices edged up on Tuesday in the international markets as the dollar weakened, while investors awaited US economic data amid hopes of slower interest rate hikes by the Federal Reserve.
At 10:19am, gold was trading 0.39 percent higher on the Multi Commodity Exchange (MCX) at Rs 57,035 for 10 grams, while silver was up 0.48 percent at Rs 68,290 a kilogram.
Spot gold rose 0.2 percent to $1,935.69 per ounce, as of 0208 GMT. US gold futures were up 0.4 percent at $1,936.
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Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One
After ending the previous week on a higher note, the yellow metal continued to witness an uptick in the following session, ending with 0.25 percent gains. Investors are waiting for the US fourth quarter GDP growth estimates data in the expectation that the Federal Reserve would raise interest rates more slowly.
At its upcoming policy meeting, the Fed is expected to raise rates by 25 basis points, having slowed the pace to 50 bps in December after four consecutive 75-bps increase.
We expect gold to trade higher towards Rs 56,990 levels, a break of which could prompt the price to move higher to Rs 57,130 levels.
Nirpendra Yadav, Senior Research Analyst at Swastika Investmart
Gold prices retreated from a nine-month high as the benchmark US Treasury yield gained 1 percent yesterday. In the Comex division, gold slipped 0.72 percent while silver slipped more than 4 percent yesterday. A rebound in risky assets also puts pressure on bullion prices. Gold has resistance at Rs 57,000 and support at Rs 56,300. Silver has resistance at Rs 69,000 and support at Rs 65,400.
Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver prices on January 23 settled on a mixed note in the international markets. Gold February futures contract settled at $1,928.60 per troy ounce, up by 0.05 percent and silver March futures contract settled at $23.55 per troy ounce, down by 2.10 percent. Domestic markets also settled on a mixed note.
We expect both precious metals to remain volatile in today’s session but gold is expected to hold its key support level of $1,900 per troy ounce and continue to get support at lower levels. The dollar index is also struggling and could support precious metal prices. Gold has support at $1,916-1,904, while resistance at $1,940-1,955 per troy ounce. Silver has support at $23.20-22.88, while resistance is at $23.84-24.20 per troy ounce.
At MCX, gold has support at Rs 56,650-56,440 and resistance at Rs 56,980-57,155 while silver has support at Rs 67,220-66,660 and resistance at Rs 68,550-69,100. We suggest buying gold on dips around Rs 56,600 with a stop loss of Rs 56,440 for a target of Rs 57,000.
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