Gold Price Today: Yellow metal trades flat; buy for a target of Rs 48180: Experts

India Gold MCX December futures trades flat to lower on Friday tracking muted trend seen in the international spot prices.

On the Multi-Commodity Exchange (MCX), the December gold contracts were trading 0.24 per cent lower at Rs 47,846 per 10 grams at 0930 hours. The December silver futures were trading 0.48 per cent lower at Rs 64,622 a kilogram.

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Gold and silver price gains were capped after a decline in the U.S. unemployment claims. Despite weakness in the dollar index both the precious metals settled on a mixed note.

Gold December futures contract settled at $1802.60 per troy ounce while silver December futures contract settled at $24.12 per troy ounce. Due to strength in the rupee both the precious metals were settled on a slightly weaker note in the domestic markets.

The dollar index also fell after ECB left its interest rates unchanged and Euro gained after ECB’s press conference. Gold and silver showed roller coaster moves after the downbeat U.S. GDP data.

“We expect both the precious metals to remain volatile in today’s session and weakness in the dollar index could support prices. Gold has support at $1788-1774 per troy ounce and resistance at $1810-1824 per troy ounce; silver has support at $24.00-23.70 per troy ounce and resistance at $24.40-24.66 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“At MCX, Gold has support at 47780-47650 and resistance at 48150-48330; silver has support at 64660-64200 and resistance at 65300-65800. We suggest buying gold around 47800 with a stop loss of 47600 for the target of 48180,” he said.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices ended marginally higher in the volatile trading session on Thursday, but were off high while domestic gold prices could start with small cuts this Friday morning, tracking overseas prices.

Technically, if MCX Gold December trades below 47980 it could test the support zones at 47728-47496 levels. Resistance zones is at 48211-48462 levels.

International silver prices have started with small cuts this Friday morning in Asian trade ahead of data.

Technically, if COMEX Silver December trades below $24.150 levels, it could witness a downside momentum up to the support zones at $23.990-$23.860 levels. Resistance zones is at $24.280-$24.440.

Domestic silver prices could start with small cuts this Friday morning, tracking overseas prices. Technically, if MCX Silver December November trades below 65000 it could test the support zones at 64625-64320 levels. Resistance zones is at 65290-65655 levels.

Expert: Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited

Traders are advised to make fresh short positions in Gold and Silver in small bounce near given resistance levels, and should focus on important technical levels given below for the day:

December Gold closing price 47961, Support 1 - 47650, Support 2 - 47500, Resistance 1 - 48100, Resistance 2 - 48260.

December Silver closing price 64931, Support 1 - 64500, Support 2 - 64000, Resistance 1 - 65300, Resistance 2 - 66000.

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

COMEX gold trades marginally lower near $1798/oz after a 0.2% gain yesterday. Gold has continued to trade in a broad range near $1800/oz as support from the weaker US dollar, global growth worries and rising inflation concerns are countered by relative stability in equity markets.

Mixed ETF activity also shows lack of confidence in investors. Gold may continue to trade in a range however increasing challenges to global economy may increase its safe haven appeal and keep prices supported

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