Gold Price Today: Yellow metal trades higher; buy for a target of Rs 47,200: Experts

India Gold MCX December futures trade flat-to-higher on Tuesday, following a positive trend seen in the international spot prices.

On the Multi-Commodity Exchange (MCX), the December gold contracts were trading 0.22 percent higher at Rs 47,155 per 10 grams at 0930 hours. The December silver futures were trading 0.05 percent lower at Rs 61,716 a kilogram.

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Gold and silver prices settled on a slightly weaker note in the international markets on Monday amid strength in the dollar index and U.S. bond yields.

The Gold December futures contract settled at $1755.70 per troy ounce, and the silver December futures contract settled at $22.66 per troy ounce. Due to weakness in the rupee both the precious metals settled on a mixed note in the domestic markets.

The market is waiting for fresh fundamental triggers for further move in the precious metals. The global energy crisis will certainly impact global growth in the coming months, suggest experts. Goldman Sachs slashed U.S. growth forecasts for this year and next as well last week.

“We expect both the precious metals could continue to hold its lower-level supports, global growth concerns due to energy crisis could support prices,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“Gold has support at $1748-1734 per troy ounce and resistance at $1764-1778 per troy ounce; silver has support at $22.44-22.20 per troy ounce and resistance at $22.88-23.10 per troy ounce,” he said.

Jain suggests buying gold on dips around Rs 46,850 with a stop loss of Rs 46,650 for the target of Rs 47,200.

Technical Indicators:

Expert: Manoj Dalmia, Founder and Director- Proficient Equities Limited

Gold is trading around Rs 46,929. In Global markets, price is trading flat trading around $1756.25 per ounce.

Looking at rising bond yields we cannot expect extensive moves in gold. Gold and bond yields are said to be inversely correlated.

One can follow a buy-on dips strategy and accumulate looking at current levels as the festive season picks up. We have a target of 49,784-52,603.

Targets can be achieved if it breaks the triangle with good volumes and bullish candles.

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

Traders are advised to create fresh long positions in Gold and Silver in small dips, traders should focus on important technical levels given below for the day:

December Gold closing price 47051, Support 1 - 46900, Support 2 - 46700, Resistance 1 - 47230, Resistance 2 - 47500.

December Silver closing price 61744, Support 1 - 61200, Support 2 - 60700, Resistance 1 - 62230, Resistance 2 - 62850.

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices ended mixed on Monday.

Spot ended marginally in the green, while futures on COMEX ended marginally in the red. Domestic gold ended marginally in the green, while silver ended marginally in the red on Monday.

International silver prices trade flat this Tuesday morning in Asian trade.

Technically, LBMA Silver above $22.50 level could see sideways to marginal upside momentum up to $23.30-$24.20 levels. Support is at $22.00-$21.77 levels.

Domestic silver prices could start flat this Tuesday morning, tracking overseas prices.

Technically, MCX Silver December above 61500 level could see 62000-63300 levels. Support is at 60900-60200 levels.

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

COMEX gold trades marginally higher near $1758/oz after a 0.1% decline yesterday. Gold witnessed a brief rally on Friday in reaction to US non-farm payrolls data but has retreated to trade in a narrow range near the $1750/oz level.

Weighing on gold is firmness in the US dollar index amid higher bond yields, monetary tightening expectations, and safe-haven buying.

Gold may continue to trade in a range as Fed’s monetary tightening expectations may be countered by inflation and growth worries however we expect buying interest to emerge at lower levels as rising challenges to the global economy may increase its safe-haven appeal.

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.