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February 22, 2024
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Gold and silver prices today: Yellow metal prices firm up, aided by safe-haven demand amid Middle East conflict

Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 61,876 per 10 grams and hit an intraday low of Rs 61,840. In the international market, prices hovered around $2,021.09 per troy ounce. 

Meanwhile, silver opened at Rs 71,461 per kg and hit an intraday low of Rs 71,461 on the MCX. The price hovered around $22.68 per troy ounce in the international market. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices firmed aided by safe-haven demand amid the Middle East conflict, while investors looked out for further clarity on the US Federal Reserve’s future interest rate path after series of positive data points from the US.” 

Yemen-based Houthi rebels were put back on its list of terrorist groups by the US, as the militants attacked their second US-operated vessel in the Red Sea region this week. 

Atlanta Federal Reserve President Raphael Bostic said that he was open to reducing U.S. interest rates sooner if there is “convincing” evidence in coming months that inflation is falling faster than he expected.” 

After better-than-expected US retail sales and IIP data, weekly jobless claims and Philly fed manufacturing PMI were also reported better than expectations in the previous session, weighing on metal prices. 

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“Traders are pricing in a 57% chance of a March rate cut dropping from last week’s bet of 70%, according to CME’s Fed Watch tool. The focus today will be on Fed Michigan consumer sentiment and existing US home sales data,” said Modi. 

Amit Khare, Associate Vice President at GCL Broking, said, “MCX Gold and Silver gave positive closing yesterday. February Gold closed at 61769(0.45%) and March Silver closed at 71615(0.25%), As per the daily chart, Bullions are trading near important support zone, Momentum Indicator RSI also indicating the same. Below are the important levels for the day: Gold February Support is 61700/61400, and Resistance is 62000/62200. Silver March Support 71500/71000 and Resistance 72500/73000.”

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