Gold prices traded in a tight range on Wednesday in the international markets as investors stayed away from taking big bets ahead of the US economic growth data this week, while expectations of slower interest rate hikes from the Federal Reserve kept bullion's outlook bright.
At 9:43am, gold was trading 0.09 percent lower on the Multi Commodity Exchange (MCX) at Rs 56,917 for 10 grams, while silver shed 0.27 percent to Rs 68,360 a kilogram.
Spot gold was steady at $1,937.09 per ounce, as of 0249 GMT, after hitting its highest since late April 2022 on Tuesday. US gold futures were up 0.2 percent at $1,940.
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Nirpendra Yadav, Senior Research Analyst at Swastika Investmart
Gold rose marginally yesterday as the benchmark US Treasury yield and the dollar index remained down. However, flash service PMI and manufacturing PMI data from the US released yesterday were stronger, keeping profit booking in prices and supporting silver prices in anticipation of better industrial demand. The precious metals trend is likely to continue upward today. Gold has support at Rs 56,500 and resistance at Rs 57,500. Silver has support at Rs 67,400 and resistance at Rs 69,500.
Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver prices settled on a positive note in the international markets. Gold February futures contract settled at $1,935.40 per troy ounce, up by 0.35 percent and silver March futures contract settled at $23.75 per troy ounce, up by 0.85 percent. Domestic markets also settled on a positive note.
We expect gold and silver to remain volatile in today’s session. The yellow metal could hold $1918 per troy ounce and silver could hold $23.35 per troy ounce levels. Gold has support at $1918-1910, while resistance at $1945-1958 per troy ounce. Silver has support at $23.50-23.35, while resistance is at $24.00-24.40 per troy ounce.
At MCX, gold has support at Rs 56820-56660 and resistance at Rs 57100-57265 while silver has support at Rs 68100-67650 and resistance at Rs 69000-69550. We suggest buying gold on dips around Rs 56800 with a stop loss of Rs 56650 for target of Rs 57100.
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