62.87 F
London
May 27, 2024
PI Global Investments
Silver

Gold and Silver prices today: Yellow metal holds steady


Gold opened on the Multi Commodity Exchange (MCX) on Monday at Rs 62,511 per 10 grams and hit an intraday low of Rs 62,137. In the international market, prices hovered around $2,029.90 per troy ounce. 

Meanwhile, silver opened at Rs 72,457 per kg, hit an intraday low of Rs 72,060 on the MCX, and hovered around $22.98 per troy ounce in the international market. 

“In the Comex spot market, gold prices settled below $2,050, which is not a positive sign. We expect gold prices to trade with a negative bias for this week. Strong support is placed around the Rs 62,000 level, and resistance is around the Rs 63,500 level,” added Deveya Gaglani, Research Analyst–Commodities, Axis Securities. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold is trading steady in the early morning trade after marking its first weekly decline in four weeks on the back of mixed economic data points, stronger dollar and higher Treasury yields.” 

Last week’s highlight was the dollar index, which posted its best weekly gain of more than 1 per cent in the previous six months. It settled around $102.45, which dampened sentiments about the precious metals. 

Official data showed US employers hired more workers than expected in December, but separate data from the Institute for Supply Management (ISM) indicated that the U.S. services sector slowed considerably last month. 

The US bucked expectations by adding 216,000 jobs last month, and a lower-than-expected unemployment rate marked at 3.7% weighed on bullions. 

“A fall in rate cut expectations and a mixed set of data points from the US supported an up-move in the Dollar Index and US Yields, which hit their highest levels in three weeks. On the physical front, gold buying in major consumer India rose this week as domestic prices fell back from record highs. This week’s focus will be on US CPI and PPI data, which could provide clarity on the Fed’s monetary policy path ahead,” said Modi. 

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Gaglani said, “MCX Gold prices traded volatile in the last session due to the awaited Non-farm payroll data print, which came better than expected. However, ISM prices data reading was a notch lower than expected, supporting Gold prices at the lower level.” 

Amit Khare, Associate Vice President at GCL Broking, said, “MCX Gold and Silver gave mixed closings yesterday; February Gold closed at 62557(-0.12%), and March Silver closed at 72587(0.35%). As per the daily chart, Bullions are now trading near an important support zone. We can see a good recovery from the support zone. The Momentum Indicator RSI also indicates the same, So traders are advised to make fresh buy positions in Gold and Silver near the given support level one with the stop loss of support level two and book near given resistance levels: Gold February Support 62300/62000 and Resistance 62700/63000. Silver March Support 72000/71000 and Resistance 74000/74500.” 



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