Gold Price Today: Yellow metal trades lower; support seen at 47700: Expert

India Gold MCX February futures trade lower on Thursday, following muted trend seen in the international spot prices hurt by a firmer dollar.

The dollar index held firm and rebounded 0.4% from the previous session’s low, increasing gold’s cost to buyers holding other currencies, said a Reuters report.

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On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.15 per cent lower at Rs 47,799 per 10 grams at 0915 hours. The March silver futures were trading 0.02 per cent lower at Rs 61,296 a kilogram.

Gold and silver showed a mixed trend on Wednesday. Both the precious metals settled on a mixed note in the international markets.

Gold February futures contract settled at $1784.30 per troy ounce, and silver March futures contract settled at $22.34 per troy ounce. Both the precious metals settled on a mixed note in the domestic markets.

Omicron's fears also supported safe-haven buying in gold. However, silver plunged again and breaches its major support of $22.55 per troy ounce.

“Gold is the best hedge against inflation and prices continue to get support in the near term. Fear of omicron and higher global inflation continue to support gold prices in the short term,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“Gold has support at $1772-1758 per troy ounce and resistance at $1796-1810 per troy ounce; silver has support at $22.10-21.84 per troy ounce and resistance at $22.55-23.00 per troy ounce,” he said.

At MCX, Gold has support at 47700-47480 and resistance at 48055-48300; silver has support at 60900-60500 and resistance at 61660-62220. Jain suggests buying gold around 47700 with a stop loss of 47480 for the target of 48055.

(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.)