Precious metal price: Gold gains Rs 900/10 gm in 2 sessions, silver tops Rs 89,400/kg levels

Gold, silver rate today: Gold prices traded with gains on Monday (December 23, 2024) amid profit taking in the dollar index. At around 12:20 pm, Gold February futures on the MCX traded higher by 0.17 per cent or Rs 129 at Rs 76,549 per 10gm.

Silver March futures on the other hand has gained over 1 per cent or Rs 958 to Rs 89,350 per kg.

In the previous day's trade, gold prices recovered from their one-month lows and settled over 1 per cent higher at Rs 76,420 per 10 gm.The gains in the precious metals were fuelled as the dollar index and the bond yields showed profit taking.

Spot gold (XAU/ USD) traded with gains of 0.48 per cent or $12.47 at $2,633.26 per ounce after the Fed's hawkish stance on future rate cuts.

The dollar index has slipped from its 2-year highs. The U.S. personal income and consumer spending data released on Friday also missed expectations and pushed the dollar index lower. Last the dollar index traded higher by 0.17 per cent at 107.81.

The U.S. 10-year bond yields also slipped from 6-1/2 month highs and supported prices of gold and silver.

Gold and silver hold its make or break level of $2,580 per troy ounce and $28.88 per troy ounce respectively on a weekly closing basis. Escalating tensions between Russia-Ukraine over the weekend could also support prices of precious metals.

Manoj Jain, commodity expert, India Nivesh said, " We expect gold and silver prices to remain volatile this week. Gold has support at $2622-2600, while resistance at $2664-2684 per troy ounce and silver has support at $29.55-29.20, while resistance is at $30.30-30.66 per troy ounce in today’s session."

On the MCX, gold is having support at Rs 76080-75800 and resistance at Rs 76660-77000 while silver is having support at Rs 87650-86800 and resistance at Rs 89100-90000.

Trading strategy in gold and silver

Jain suggests buying in gold around Rs 76000 with a stop loss of Rs 75650 for the target of Rs 76700 and also suggest buying silver around Rs 87700 with a stop loss of Rs 86800 for the target of Rs 89500.