Gold Price Today: Yellow metal trades flat; buy on dips for a target of 48280: Experts

India Gold MCX February futures trade flat on Thursday, following muted trend seen in the international spot prices as the US dollar and Treasury yields firmed ahead of key inflation data in the US.

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Benchmark 10-year Treasury yields were hovering close to their highest level since November 29 scaled on Wednesday, said a Reuters report. The dollar index strengthened, further weighing on bullion by raising its cost to buyers holding other currencies.

On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.07 per cent lower at Rs 48,023 per 10 grams at 0915 hours. The March silver futures were trading 0.07 per cent lower at Rs 61,578 a kilogram.

Gold and silver showed extreme volatility on Wednesday amid volatility in the dollar index. Both the precious metals settled on a mixed note in the international markets.

Gold February futures contract settled at $1787.80 per troy ounce and silver March futures contract settled at $22.43 per troy ounce. Both the precious metals settled on a weaker note in the domestic markets.

Improvement in the US job markets and gains in US equity cap gains of gold and silver. This week’s US consumer prices index data will give further directions to gold and silver prices, suggest experts.

“We expect gold and silver prices to remain volatile in today’s session. Gold is having support at $1772-1758 per troy ounce and resistance at $1800-1812 per troy ounce; silver is having support at $22.10-21.84 per troy ounce and resistance at $22.70-23.00 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“At MCX, Gold has support at 47800-47660 and resistance at 48220-48400; silver is having support at 61300-60900 and resistance at 62000-62400,” he said.

Jain suggests buying gold on dips around 47900 with a stop loss of 47700 for the target of 48280.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

Domestic gold prices could start flat this Thursday morning, tracking a flat start in the overseas prices.

Technically, if MCX Gold February trades below the 48100 level, it could fall up to the support zone at 47905-47760 levels. The resistance zone is at 48251-48448 levels.

International spot silver prices have started flat this Thursday morning in Asian trade, upside could be capped, tracking a positive start for the greenback.

Technically, if COMEX Silver March trades below the $22.440 level, it could witness a bearish momentum up to $22.300-$22.165 levels. The resistance zone is at $22.570-$22.715 levels.

Domestic silver prices could start flat this Thursday morning.

Technically, if MCX Silver March trades below the 61660 level, it could witness a bearish momentum up to 61348-61074 levels. The resistance zone is at 61930-62240 levels.

(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.)