![]() In rupee terms, gold has support at Rs 55,170-54,940, while resistance is at Rs 55,660- 55,850. We expect gold and silver to remain volatile in today’s session. The US PCE price index shows growth of 0.6% in January against a growth of 0.4% in December month. The US Fed officials advocate for further 50 basis point rate hikes amid hotter-than-expected US inflation and strong economic data. ![]() The US 10-year bond yields also crossed 3.90% levels amid further aggressive interest rate hike expectations from the US Fed. Gold and silver extended their fall after strong gains in the dollar index, which surged to two-month highs and crossed the 105 mark. ![]() Gold and silver extended their fall last week with the yellow metal prices slipping to nearly two-month lows and silver falling to 3.5-month lows in the international markets. Rahul Kalantri, VP Commodities, Mehta Equities We expect gold to trade lower towards Rs 55,170 levels, a break of which could prompt the price to move lower to Rs 54,980 levels. The market anticipates that the US central bank will maintain annual interest rates above 5%.Ī surprise uptick in US economic activity in February saw it reach its highest level in eight months, according to a survey that also showed a decline in inflation. Further, the dollar index climbed towards 7-week highs, further dragging gold prices to lower levels. The Federal Reserve is likely to maintain higher interest rates for a longer period of time, according to minutes from its most recent policy meeting, which put pressure on the price of the yellow metal. Gold prices fell more than 1% in the most recent week, indicating that the yellow metal will remain weak for yet another week. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One MCX Gold April future has support at Rs 55,080 per 10 gram and resistance at Rs 56 040 per 10 gram. Comex spot gold has supports at $1805-1791 per ounce and resistance at $1831 per ounce for the day. ![]() We expect gold prices to correct further from the current level and any pullback in price will be used as a selling opportunity. Dollar index hovered near a seven-week high on Monday, stronger dollar-capped upside in Yellow metals. Gold prices fell to a two-month low last week as strong US macro data raised worries that the Federal Reserve could hike interest rates aggressively, further. Spot Gold prices at Comex were trading marginally higher by 0.03% at $1,812 per ounce in morning trade. Gold prices traded flat to positive on Monday. Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities US gold futures was flat at $1,817.40.Īt 10.50 am, gold was down 0.16 percent on the Multi Commodity Exchange (MCX) at Rs 55,343 for 10 grams, while silver was trading lower by 1 percent at Rs 62,800 per kilogram. Spot gold was unchanged at $1,810.48 per ounce, as of 0317 GMT. Gold was flat and hovered near a two-month low on Monday in the international markets, after strong US economic data stoked fears that the Federal Reserve would implement more interest rate hikes to rein in inflation.
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