Gold Price Today: Yellow metal trades flat below Rs 48,000; support seen at 47,770: Experts

India Gold MCX February futures trades flat below Rs 48,000 per 10 gm on Wednesday tracking muted trend seen in the international spot prices.

Spot gold was little changed at $1,804.78 per ounce. Benchmark 10-year US Treasury yields edged lower, reducing the opportunity cost of holding non-interest paying gold, said a Reuters report.

Gold and silver gained in the international markets in a volatile session on Tuesday. Both the precious metals settled on a positive note in the international markets.

Gold February futures contract settled at $1810.90 per troy ounce and silver March futures contract settled at $23.12 per troy ounce. Due to strength in the rupee both the precious metals settled on a mixed note in the domestic markets.

Gold and silver showed strength on Tuesday amid weakness in the dollar index and profit taking in the US bond yields. Strength in the crude oil also supported precious metal prices.

“Despite rising omicron cases and cancellation of 11,000 flights in the United States, precious metals are unable to catch safe haven buying in the international markets. We expect both the precious metals to remain volatile ahead of the US unemployment data and expected to hold its key support levels,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“Buy on dips strategy will work in both the precious metals. Gold has support at $1800-1788 per troy ounce and resistance at $1820-1832 per troy ounce; silver has support at $22.88-22.70 per troy ounce and resistance at $23.34-23.55 per troy ounce,” he said.

At MCX, Gold has support at 47,900-47,770 and resistance at 48,200-48,380; silver is having support at 62,200-61,800 and resistance at 62,900-63,300. Jain suggests buying gold around 47,900 with a stop loss of 47,750 for the target of 48,200.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

Domestic gold prices could start flat early Wednesday morning and witness range bound trade this Wednesday tracking the overseas prices.

Technically, if MCX Gold February trades above 48,000 level it could witness an upside momentum up to 48,150-48,300 levels. Support zone is at 47,900-47,700 levels.

International spot silver prices have started flat this early Wednesday morning in Asian trade.

Technically, if LBMA Silver trade above $22.50 levels, it could continue its bullish momentum up to $23.12-$23.70 levels. Support zone is at $22.30-$21.90 levels.

Domestic silver prices could start flat early Wednesday morning and witness range bound trade tracking the overseas prices.

Technically, if MCX Silver March trade above 62,000 levels, it could witness a Bullish momentum up to 62,700-63,200 levels. Support zone is at 61,900-61,300 levels.

(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.)