Gold Price Today: Yellow metal trades higher; buy gold for a target of Rs 48400: Experts

India Gold MCX February futures trade higher on Thursday, following positive trend seen in the international spot prices amid weaker US dollar.

The dollar index hovered near a one-week low against riskier currencies and asset classes, making gold less expensive for holders of non-US currencies, said a Reuters report.

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On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.21 per cent higher at Rs 48,302 per 10 grams at 09:20 hours. The March Silver futures were trading 0.27 per cent higher at Rs 62,354 a kilogram.

Gold and silver gained on Wednesday amid weakness in the dollar index and upbeat US consumer confidence data. Both the precious metals settled on a positive note in the international markets.

Gold February futures contract settled at $1802.20 per troy ounce and Silver March futures contract settled at $22.82 per troy ounce. Despite gains in the Rupee, both the precious metals were also settled on a positive note in the domestic markets.

The dollar index plunged on Wednesday after a basket of currencies gained against the dollar. Easing fear of Omicron, as study suggests that Omicron requires less hospitalization as compared to delta, supported major global currencies against the dollar, suggest experts.

“We expect both the precious metals to remain volatile in today’s session and gold prices could test $1812 per troy ounce and silver could also test $23 per troy ounce levels once again,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

Gold has support at $1792-1778 per troy ounce and resistance at $1812-1822 per troy ounce; silver has support at $22.55-22.30 per troy ounce and resistance at $23.10-23.40 per troy ounce.

“At MCX, Gold has support at 48000-47850 and resistance at 48380-48600; silver is having support at 61700-61400 and resistance at 62550-63100. We suggest buying gold on dips around 48055 with a stop loss of 47880 for the target of 48400,” he said.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

Domestic gold prices could start higher this early Thursday morning tracking the overseas prices.

Technically, the MCX Gold February resistance zone is at 48290-48375 levels. The support zone is at 48045-47885 levels.

International spot silver prices have started with small gains this early Thursday morning in Asian trade, tracking the weakness of the Greenback.

Technically, the COMEX Silver March support zone is at $22.550-$22.285 levels. The resistance zone is at $22.975-23.125 levels.

Domestic silver prices could start with small gains this Thursday morning, tracking a positive start in the overseas prices.

Technically, the MCX Silver March support zone is to 61765-61345 levels. The resistance zone is at 62460-62730 levels.

(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.)