Gold Price Today: On January 6, there was a slight weakness in gold prices in the international markets. Indeed, rising US Treasury yields after the Federal Reserve released meeting minutes reduced safe haven demand for the yellow metal. Along with this, the effect of increasing cases of Omicron corona virus variant was also shown on it.
Gold and silver weaken on MCX
Multi-Commodity Exchange: Gold contracts on the Multi Commodity Exchange (MCX) are trading with a weakness of 0.54 per cent at Rs 47,763 per 10 grams (9.32 am). On the other hand, silver futures are down 1.39 per cent at Rs 61,372 per kg.
On Wednesday, there was a lot of volatility in the prices of gold and silver and there was a firmness in the international markets. However, both the metals closed with gains.
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Profit booking can be seen in gold
Manoj Kumar Jain of Prithvi Finmart Commodity Research said, Gold February futures were up 0.58 per cent to settle at $1,825.10 an ounce, while Silver March futures were up 0.48 per cent at $23.17 an ounce. “We see higher levels of profit booking in gold and silver in today’s session,” he said.
He said, gold has support at 1,810-1,800 per troy ounce and resistance at 1,834-1,845. On the other hand, silver has support at $ 22.88-22.55 per troy ounce and resistance at $ 23.40-23.70 per ounce. Jain said, “On MCX, gold has support at 47,800-47,550 and resistance at Rs 48,180-48,400. On the other hand, silver has support at 61,800-61,220 and resistance at Rs 62,700-63,100. We have a buy call on Gold with a stop loss of Rs 48,220 above Rs 47,660 below 48,000. On the other hand, there is a sell advice in silver below 62,200 for a target of 61,300 with a stop loss of Rs 62,700.
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Ravindra Rao, VP-Head (Commodity Research), Kotak Securities said, “Combination of factors could keep prices in a range. However, gold and silver may see a decline due to the US dollar getting support from the Fed’s stance.
Abhishek Chauhan, Head (Commodities & Currency), Swastika Investmart said, “The firmness in crude oil has put pressure on the dollar index and supported the precious metals.” According to Chouhan, gold prices may remain positive today and any fall can be a good buying opportunity. It has support at Rs 47,800 and resistance at 48,250. Silver has support at 61,100 and resistance at 63,300.
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