Gold Price Today: Yellow metal trades flat; support seen at Rs 49,100: Experts

India Gold MCX December futures trade flat on Thursday tracking muted trend seen in the international spot prices.

On the Multi-Commodity Exchange (MCX), the December gold contracts were trading 0.19 per cent lower at Rs 49,199 per 10 grams at 0930 hours. The December silver futures were trading 0.47 per cent lower at Rs 66,313 a kilogram.

See Zee Business Live TV Streaming Below:

Gold and silver rebounded again on Wednesday amid cool off in the US dollar index. Both the precious metals settled on a positive note in the international markets.

Gold December futures contract settled at $1870.20 per troy ounce, and silver December futures contract settled at $25.17 per troy ounce on Wednesday. Both the precious metals settled on a positive note in the domestic markets.

Gold and silver prices got support from an increase in the CPI inflation in the United Kingdom and Canada. Rising global inflation continues to support precious metals as a hedge against inflation, suggest experts.

“We expect gold and silver prices to remain firm and continue its positive momentum in the upcoming sessions. Gold could test $1892 per troy ounce and silver could test $25.80 per troy ounce in the upcoming sessions,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“Gold has support at $1858-1844 per troy ounce and resistance at $1884-1892 per troy ounce; silver is having support at $24.94-24.70 per troy ounce and resistance at $25.50-25.80 per troy ounce. At MCX, gold has support at 49100-48920 and resistance at 49550-49770; silver is having support at 66200-65800 and resistance at 67100-67700 levels,” he said.

Jain suggests buying gold around 49200 with a stop loss of 48950 for the target of 49700 and silver around 66300 with a stop loss of 65800 for the target of 67500.

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 overseas prices.

Technically, if MCX Gold December sustains above 49200, it could witness a bullish momentum up to 49300-49500 levels. Support at 49000-48800 levels.

International silver prices have started flat this Thursday morning in the Asian trade.

Technically, if LBMA Silver above $25.00 levels, it could witness sideways to marginal upside momentum up to $25.20-$25.70 levels. Support is at $24.70-$23.99 levels.

Domestic silver prices could start flat this Wednesday morning, tracking a flat start in overseas prices.

Technically, if MCX Silver December trades above 66500 levels, it could witness a bullish momentum up to 66900-67500 levels. Support is at 66100-65400 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.)