Prices Today: Yellow metal to witness range-bound movement, selling pressure
expected at higher levels
Gold prices in international markets were little changed on Tuesday as recent gains in Treasury yields ruled out any significant interest in bullion. Spot gold was up 0.1% to $1,824.65 an ounce by 0056 GMT. US gold futures were flat at $1,824.70.
At 9:44 a.m. on the Multi-Commodity Exchange (MCX), gold contracts were trading at 0. Up 21 percent to Rs.50,757 per 10 grams, while silver was up 0.43 percent to Rs.60,201 per kilogram.
Gold prices were flat on Tuesday, with morning COMEX spot gold prices trading marginally higher near $1825 an ounce.
The yellow metal is in a range on mixed global signals, including concerns over a global slowdown and expectations of another rate hike by the US Federal Reserve, weak equity indices, and a possible ban on Russian gold prices have limited the gold price decline. while the dollar has held steady, according to Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Rahul Kalantri, Vice President of Commodities at Mehta Equities
Gold and silver pared early gains on Monday as pending US home sales in May beat expectations. Gold and silver rose in early trade after the G7 countries discussed banning Russian gold imports and imposing additional sanctions, but prices fell again later in the day on positive US data. Year US bond yields dented precious metals gains.
Gold has a support level of $1806-1796 and a resistance level of $1834-1845. Silver has a support level of $20.80-20.55 and a resistance level of $21.32-21.50. In terms of Rs, Gold has a support level of Rs 50,370-50,110 and a resistance level of Rs 50,940-51,120. Silver has a support level of Rs 59,580-59,150 and a resistance level of Rs 60,520-60,910.
Swastika Investment Senior Commodity Research Analyst Nirpendra Yadav
Precious metals rose yesterday as the G-7 nations discussed new sanctions against Russia. The United States, the United Kingdom, Japan, and Canada intend to
prohibit the import of gold from Russia and are considering a total ban on oil imports. The US dollar index remained lower, while the benchmark treasury yield
increased by 2%, limiting precious metals gains. Precious metals prices may remain range-bound in today’s session, with selling pressure in the upper
range. Gold has a resistance level of Rs 51100 and a support level of Rs 50400. Silver has a resistance level of Rs 61000 and a support level of Rs 59500.
Prithvi Finmart Commodity Research, Manoj Kumar Jain
We expect both precious metals to remain volatile throughout today’s session. On a closing basis, gold could be $1800 an ounce and silver $20.84 an ounce. Gold has a support level of $1814-1800 per troy ounce and a resistance level of $1835-1850 per troy ounce, while silver has a support level of $20.84-20.55 and a resistance level of $21.55-$21.80 a troy ounce.
On the MCX, Gold has a support level of Rs 50440-50300 and a resistance level of Rs 50800-50980 while Silver has a support level of Rs 60000-59550 and a resistance level of Rs 61000-61440. We recommend buying gold at around 50,500 rupees with a stop loss below 50,300 rupees at the end and a price target of 50,850 rupees.