Gold Price Today: There was a good rise in gold prices in India on Monday. Gold futures on the Multi Commodity Exchange (MCX) are trading 0.17 per cent higher at Rs 48,332 per 10 grams (9.30 am). However, silver continued to fall heavily and was trading 0.22 per cent lower at Rs 64,665 per kg.
Prices flat in the international market
In the international market, gold remained flat ahead of the US Federal Reserve meeting. The Federal Open Market Committee meeting of the US Central Bank is scheduled for January 25-26. Investors are waiting for US Fed’s signals to hike interest rates earlier than expected. The Federal Reserve’s monetary policy is likely to tighten to face inflation.
What do experts say
According to a News18 report, Dr. Ravi Singh, VP and Head (Research), ShareIndia, said, “The fall has been limited due to the strengthening of the rupee in India as compared to the fall in Comex Gold prices. We expect gold prices to remain firm this week. In this, buying can be done at the level of Rs 48,000 with a target of Rs 48,300. On the other hand, if we talk about selling, then 47,800 rupees can be sold for the target of 47,600.
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Profit booking showing on daily chart
Amit Khare, AVP (Research Commodities), Ganganagar Commodity Limited said, “There is some profit booking in gold and silver on the daily technical chart. The momentum indicator RSI is also giving similar signals on the hourly as well as the daily chart. Hence, traders are advised to book their longs and sell near the given resistance levels. Traders should keep an eye on the following key technical levels: February closing price Rs 48,249, support 1- Rs 48,140, support 2- Rs 48,000, resistance 1- Rs 48,350, resistance 2- Rs 48,500. March Silver closing price is Rs 64,806, Support 1- Rs 64,350, Support 2- Rs 64,000, Resistance Rs 1- 65,000, Resistance 2- Rs 65,400.
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The effect of Russia-Ukraine tension may be visible
Sriram Iyer, Senior Research Analyst, Reliance Securities, said, “Yellow metal may see a safe haven investment amid Russia-Ukraine tensions. On the technical chart, if Comex Gold breaks below the levels of 1834.63, then it may see a downside.” Support zone can be found at 1825.57-1819.33 dollars per ounce.
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