Gold Price Today: Yellow metal trades flat above Rs 48,000; buy on dips: Experts

India Gold MCX February futures trade flat with a negative bias on Monday, tracking muted trend seen in the international spot prices.

Spot gold remained mostly unchanged at $1,830.09 per ounce. The yellow metal could see some buying as the downside remain capped amid safe-haven buying sentiment due to an Omicron-driven surge in the COVID-19 infections globally.

On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.11 per cent lower at Rs 48,045 per 10 grams at 0915 hours. The March Silver futures were trading 0.30 per cent lower at Rs 62,472 a kilogram.

Domestic gold and silver prices ended with gains on Friday, tracking firm overseas prices. “Prices also took support after the COVID-19 cases soared to new pandemic highs across the globe, from Australia to the United States, stoked by the highly-transmissible Omicron coronavirus variant,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

“Technically, if MCX Gold February trades above 48,000 level, it could witness a bullish momentum up to 48,200-48,500 levels. Support is at 47,900-47,700 levels,” he said.

International silver prices have started marginally weaker this early Monday morning in Asian trade amid stronger Dollar. Domestic silver prices could start flat this early Monday morning, tracking the overseas prices, suggest experts.

“Technically, if MCX Silver March above 62,500 level, it could witness a Bullish momentum up to 62,800-63,700 levels. Support is at 62,000-61,500 levels,” recommended Iyer.

Technical Recommendations:

Expert: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

The COMEX gold trades marginally lower near $1826/oz after a 0.8% gain in the previous session. Gold trades in a range as support from safe-haven buying on the back of rising virus concerns and stress in China’s property market is countered by gains in the US dollar index.

Gold has broken past the recent range of $1780-1820/oz reflecting strong upward momentum; however, it may struggle to build momentum if the US dollar recovers further.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)