Gold Prices Today : Gold prices remained flat in the international markets on January 19 after going down to a week’s low in the previous session. On the other hand, US Treasury yields hit a two-year high on hopes of a sharp hike in interest rates by the Fed. Traders are fully prepared due to a potentially aggressive approach to deal with inflation in the Federal Reserve meeting to be held on January 25-26.
On the Multi-Commodity Exchange, gold contracts are down 0.1 per cent at Rs 47,921 per 10 grams at 9.32 am and silver futures are trading 0.19 per cent higher at Rs 63,140 per kg.
Fluctuations may persist due to mixed factors
Comex Gold was down 0.2 per cent on Tuesday at $ 1,812 an ounce. The impact of factors like inflation concerns, rapid spread of the virus and strengthening of the US dollar is visible on gold prices. Ravindra Rao, Head, Commodity Research, Kotak Securities said, “Gold is trading in the range of $1,780-1,830 an ounce and this situation is likely to continue further due to mixed factors. However, higher bond yields could put pressure on prices.
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Manoj Kumar Jain of Prithvi Finmart Commodity Research said, “January 18 saw a mixed trend in a very volatile session. Gold weakened on the back of a strengthening dollar and rise in US bond yields, but silver strengthened and touched a seven-week high in international markets. He expressed hope that the precious metals may remain volatile today. He said, “Gold is finding support at $1,800-1,788 an ounce and resistance at $1,822-1,834. On the other hand, silver has support at $ 23.20-22.88 an ounce and resistance at $ 23.70-24.10 an ounce.
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He said, on MCX, gold has support at Rs 47,770-47,650 and resistance at Rs 48,050-48,220. On the other hand, silver is getting support at 62,600-62,100 and resistance at Rs 63,500-64,100. He said, We recommend Buying Gold with a stop loss of Rs 47,650 and a target of Rs 48,100 around Rs 47,800.
Investors staying away from risky assets
Abhishek Chauhan, Head, Commodities & Currency, Swastika Investmart said, “Investors are selling off risky assets due to weak earnings data and fear of rising inflation, thereby increasing the demand for safe haven investments in gold. Gold and silver prices have also been supported by a rise of more than 1 percent in the price of crude oil.
However, gains in the precious metals were limited by the dollar’s strength by 0.50 per cent and bond yields rising to 1.85 per cent. Gold and silver prices are expected to continue their upward trend.
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