While speaking on the commodity market, especially Gold, the experts predict that we could see a muted performance in the yellow metal today amid the US Treasury Secretary Janet Yellen’s statement that the US interest rates may need to rise to prevent the economy from overheating. 

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In this regard, Kotak Securities’ Ravindra Rao states that we saw a corrective move in both the precious metals after Yellen’s comment, however, the trading band in Gold is still intact around $1760-1796/Oz in the international Gold price.  

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He believes, there is a positivity in Gold till the time it holds the $1745-1750/Oz mark. Whereas, in the MCX Gold, he suggests, a slight dip of around 46600-46500 per 10 gram should be considered as buying opportunity. 

With an intraday perspective, He expects a breakout above Rs 47100 per 10 grams in Gold also emerges as a buying opportunity as it’s into range-bound trading. He sets a target price of Rs 47450 per 10 grams and stop-loss of Rs 46900 per 10 grams on an intraday basis. 

On the other hand, Nirmal Bang’s Kunal Shah gives the Sell option for Gold on an intraday basis terming it as profit booking. He says, Yellen’s statement is sentimentally negative for the Gold and expects a slight decline around Rs 46760-46770 per 10 grams level. 

Shah says, thought the statement hasn’t come from Fed Reserve Chairman Jerome Powell, however, the statement made by a member of Biden Administration has weightage. 

Yellen in her taped remark had said, "It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the additional spending is relatively small relative to the size of the economy.”