Gold prices: In the last session in the international markets, gold prices reached near the highest level of almost two months. However, a cautious approach by traders on the sidelines of next week’s US Federal Reserve meeting and higher US Treasury yields limited gains in the yellow metal. At the same time, the effect of crude oil inflation is also visible on the yellow metal.
On the Multi Commodity Exchange (MCX), gold contracts are trading marginally lower by 0.05 per cent at Rs 48,351 per 10 grams (9.32 am) and silver futures are up 0.23 per cent at Rs 64,553.
Inflation worries due to crude prices
Inflation concerns are increasing in gold and silver, as crude oil has broken the resistance level and is now looking to move towards $100. Investors are staying away from risky assets and investing in safe haven i.e. gold.
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Abhishek Chauhan, Head, Commodity & Currency, Swastika Investmart said, “There is resistance for the yellow metal on MCX at Rs 48,300 and above this level it can go up to 48,700”. On the other hand, white metal has resistance at 64,500 and support at 63,300.
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Vidit Garg, Director, MyGoldkart said, “Depreciation of dollar and geopolitical tensions against Ukraine led to increased demand for safe haven gold, which helped in strengthening the prices.” Technically, it is in the overbought zone on the intraday chart and a move below $1,838 is likely to move towards 1,823. There is resistance at 1,850 and $1,856.
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Manoj Kumar Jain of Prithvi Finmart Commodity Research said, “Gold and silver have strengthened on Wednesday amid concerns over global inflation due to rise in oil prices. Both the precious metals settled on a positive note in the international markets. Jain said, “We recommend buying in the fall in both the precious metals. For gold, there is support at $ 1,832-1,818 an ounce and resistance is seen at $ 1,855-1,870 an ounce. On the other hand, there is support for silver at $ 23.88-23.55 an ounce and resistance at $ 24.50-24.84 an ounce.
On ACX, there is support for gold at Rs 48,155-48,000 and resistance at Rs 48,550-48,800. For silver, there is support at Rs 64,100-63,500 and resistance at Rs 64,800-65,300. Jain said, We recommend Buying Gold with a target of Rs 48,600 with Stoploss of Rs 47,980 around 48,200. On the other hand, for a target of Rs 64,800 in silver, there is a buy advice around Rs 64,000 with a stop loss of 63,500.
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