Gold Price Today: On January 11, gold prices remained flat in the international markets. The market expects a quick rate hike based on the US inflation data for December which is proposed this week. On the other hand, strength in bond yields has also limited the gains. The effect of these factors is visible on gold prices.
On the Multi Commodity Exchange, gold contracts are up 0.14 percent (at 9.37 in the morning) and remain at Rs 47,520 per 10 grams. On the other hand, silver futures are up by 0.18 per cent at Rs 60,774 per kg.
Support for gold at Rs 47,250
Against the price of gold, the dollar has gained 0.3 per cent yesterday. On the other hand, oil prices softened on the back of normalization of oil production in Libya, which strengthened the dollar and kept pressure on the precious metals. The US 10-year bond yield has risen to 1.8 per cent, encouraging investors to invest in the dollar index. If the price moves towards the resistance level, the precious metals are expected to remain under selling pressure. Abhishek Chauhan, Head (Commodity & Currency) Swastika Investments said, “There is resistance at Rs 47,700 and support at Rs 47,250 for gold. Silver has resistance at Rs 61,000 and support at Rs 60,000.
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Ravindra Rao, VP-Head (Commodity Research), Kotak Securities said, Comex Gold was trading marginally higher by 0.1 per cent at USD 1,805 an ounce yesterday. Strengthening of the US dollar, a fall in bond yields from recent highs, a mixed US jobs report, rising virus concerns and geopolitical tensions led to gains in gold. However, prices remain under pressure, mainly due to the Fed’s plans for a tighter monetary policy.
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He said, gold is trading in the range of $ 1,780-1,830 and the main reason for directionless trade is UF Fed’s monetary policy. The market player’s eye remains on this important event. However, it is expected that a sharp rate hike may provide support to the US Dollar and this may keep pressure on gold.
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