Gold prices in India declined for the second day, but the losses were restricted keeping an eye on stable global rates. Gold futures on MCX were trading with a fall in prices 51,480 per 10 grams while silver futures fell 0.4% 58,100 per kg. In global markets, the yellow metal was steady at $1,775.29 an ounce, supported by a fall in US Treasury yields amid a growing bearish trend.
Gold rose on fears of a deterioration in US-China relations with House Speaker Nancy Pelosi’s visit to Taiwan. She will be the most senior US politician to visit the island in a quarter century, and Beijing has warned of dire consequences if the trip goes ahead.
“Gold, supported by continued weakness in the US dollar and bond yields, held steady near $1775/oz as market players debate the Fed’s monetary policy stance. Tensions between the US and China over House Speaker Nancy Pelosi’s visit to Taiwan The support price in between is a safe haven.”
“However, on the weight gold price There are some scathing comments from Fed officials, concerns about weak ETF activity in India and China despite improving consumer demand and prices. Gold rebounded sharply from lower levels and is holding above $1,750 an ounce, indicating positive momentum. But gains could slow as Fed officials are likely to maintain support for a rate hike with inflation out of control,” he said.
Among other precious metals, spot silver fell 0.4% to $20.26 an ounce, while platinum rose 0.3% to $909.10.
Gold Technical Outlook
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said: “We expect both the precious metals to remain volatile this week ahead of the OPEC+ meeting and geopolitical tensions between USA and China. Gold has support at $1755-1742, while resistance lies at $1792-1805. Silver has support at $20.10-19.75, while resistance lies at $20.55-20.82. Gold has support in rupee terms 51,050–50,780, while resistance is at 51,580-51,740. Silver has support at Rs 57,550-56,940, while it is at resistance. 58,980-59,510.”
We expect both precious metals to remain volatile this week ahead of the OPEC+ meeting and geopolitical tensions between the United States and China. Gold has support at $1755-1742, while resistance lies at $1792-1805. silver Support lies at $20.10-19.75, while resistance lies at $20.55-20.82. Gold has support in rupee terms 51,050–50,780, while resistance is at 51,580-51,740. Silver has support at Rs 57,550-56,940, while it is at resistance. 58,980-59,510.”
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