Gold Price Today: Yellow metal trades flat; buy for a target of 48,055: Experts

India Gold MCX February futures trades flat tracking positive trend seen in the international spot prices as US Treasury yields dipped, increasing the bullion's appeal.

Spot gold is trading around $1,818.43 per ounce, hovering close to a one-month high hit on Dec. 28, said a Reuters report.

The report further added that Gold was set for its biggest annual decline since 2015, having fallen 4 per cent so far this year, as economies recovered from the pandemic's impact, reducing demand for the safe-haven metal.

On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.07 per cent higher at Rs 47,919 per 10 grams at 09:20 hours. The March Silver futures were trading 0.12 per cent higher at Rs 62,233 a kilogram.

Gold and silver showed very high volatility on Thursday and recovered from their lows. Both the precious metals settled on a positive note in the international markets.

Gold February futures contract settled at $1814.10 per troy ounce and silver March futures contract were settled at $23.06 per troy ounce. Both the precious metals settled on a positive note in the domestic markets.

Gold and silver recovered after the US recorded its highest number of Covid cases ever as the Omicron variant rages. But the market is still viewing Covid as “serious but manageable” given the vaccines and other drugs to battle the virus.

“We expect both the precious metals to remain volatile in today’s session and could hold their support levels. Any decline in the prices would be a buying opportunity for traders at lower levels,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

Gold has support at $1800-1788 per troy ounce and resistance at $1828-1840 per troy ounce; silver has support at $22.88-22.55 per troy ounce and resistance at $23.34-23.58 per troy ounce.

“At MCX, Gold has support at 47,700-47,550 and resistance at 48,050-48,220; silver has support at 61,700-61,400 and resistance at 62,660-63,100,” he said. Jain suggests buying gold on dips around 47750 with a stop loss of 47,580 for the target of 48,055.

(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.)