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London
March 2, 2024
PI Global Investments
Silver

Gold and Silver prices today: Yellow metal holds steady after falling for four days


Gold opened on the Multi Commodity Exchange (MCX) on Friday at Rs 62,631 per 10 grams and hit an intraday low of Rs 62,592. In the international market, prices hovered around $2,044.74 per troy ounce. 

Meanwhile, silver opened at Rs 72,500 per kg, hit an intraday low of Rs 72,414 on the MCX, and hovered around $23.09 per troy ounce in the international market. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold held steady after four sessions of decline as investors braced for the US non-farm payrolls data that could influence the Federal Reserve’s interest-rate path—the minutes of the Fed’s last meeting, released on Wednesday, revealed a growing conviction among officials that inflation was under control and a concern that ‘overly restrictive’ monetary policy posed threats to the economy.” 

On the data front, US weekly jobless claims fell more than expected last week, and U.S. private employers hired more workers than expected in December, pointing to persistent strength in the labour market. US Services PMI and ADP employment change were also reported better than expectations, supporting gains for the dollar index and weighing on bullions. 

The dollar index is trading around the 102.50 mark, while US 10Y Yields have risen from the recent lows of 3.78% to 4%. 

“Traders are pricing in about a 60% chance of a rate cut from the Fed in its March policy meeting, according to the CME FedWatch Tool. Today’s focus will be on the all-important non-farm payroll and unemployment rate from the US, which could provide clarity on overall strength in the labour market and the Fed’s path ahead,” said Modi. 

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Amit Khare, Associate Vice President at GCL Broking, said, “MCX Gold and Silver gave positive closing yesterday; February Gold closed at 62640(0.22%), and March Silver closed at 72336(0.01%).” 

“As per the daily chart, bullions are now trading near important support zone, we can see good recovery from support zone. Momentum Indicator RSI also indicating the same, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold February Support 62500/62300 and Resistance 63000/63200. Silver March Support 72000/71000 and Resistance 74000/74500,” said Khare. 



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