Gold Price Today: Yellow metal trades flat; resistance seen at Rs 48100: Experts

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

On the Multi-Commodity Exchange (MCX), the December gold contracts were trading 0.26 per cent higher at Rs 47,709 per 10 grams at 0930 hours. The December silver futures were trading 0.26 per cent higher at Rs 61,798 a kilogram.

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Gold and silver prices slipped on Monday amid rebound in the dollar index and US bond yields. Both the precious metals were settled on a weaker note in the international markets.

Gold February futures contract settled at $1785.20 per troy ounce and silver March futures contract settled at $22.85 per troy ounce. Due to weakness in the rupee domestic markets were settled on a mixed note.

Gold and silver showed high volatility on Monday and were not able to sustain at higher levels amid a rebound in the dollar index, US bond yields, and gains in the US equity markets, suggest experts.

Reports now say the Omicron strain may be milder than the previous ones, and that vaccines are likely to work on the new variant but may need tweaking.

“We expect precious metals to remain volatile amid volatility in the dollar index and safe haven buying at lower levels. Gold is having support at $1772-1758 per troy ounce and resistance at $1796-1810 per troy ounce; silver is having support at $22.66-22.40 per troy ounce and resistance at $23.10-23.40 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“At MCX, Gold has support at 47800-47580 and resistance at 48100-48350; silver is having support at 62100-61660 and resistance at 62900-63300,” he said. Jain suggests buying in silver above 62400 with a stop loss of 61900 for the target of 63300.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

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

Technically, if MCX Gold February trades above 48100 level, it will continue its positive trend up to 48240-48490 levels. Support zone is at 47850-47710 levels.

International spot silver prices have started flat to marginally higher this Tuesday morning in Asian trade.

Technically, if COMEX Silver March trades above $23.030 level, it could witness a bullish momentum up to $23.285-$23.715 levels. Support is at $ 22.600-$22.345 levels.

Domestic silver prices could start flat to marginally higher this Tuesday morning, tracking a positive start in the overseas prices.

Technically, if MCX Silver March trades above 62800 level, it could witness a bullish momentum up to 63380-64320 levels. Support is at 61860-61285 levels.

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

COMEX gold trades marginally higher near $1790/oz after a 0.2% decline yesterday. Gold remains rangebound as market players have moved to sidelines awaiting more clarity on virus front and whether it will affect monetary policy stance of Fed and other central banks. Gold may remain choppy as market players assess the virus situation; however safe haven buying may keep prices supported.

(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.)