gold price in india There was a huge drop on Monday. The yellow metal has been under pressure for the past few sessions. On the Multi Commodity Exchange (MCX), gold futures fell by 0.18 per cent to Rs 47,365 on January 10 at 0940 hrs. On Monday, silver also saw a huge fall. On January 10, the futures of the precious metal fell 0.36 per cent to Rs 60,388 for one kg.
The price of gold in the international market was trading at a three-week low. Spot gold was trading marginally lower at $1,795.11 an ounce as of 0234 GMT. US gold futures ended 0.2 per cent lower at $1,794.00. Traders eagerly await US inflation data for December which could prompt the US Federal Reserve to consolidate earlier rate hikes.
Experts suggested that US December core consumer price inflation would have risen 5.4 per cent annually after climbing 4.9 per cent in November. US non-farm payrolls added 199,000 jobs last month amid labor shortages. Gold is considered a hedge against high inflation, but the metal is highly sensitive to increases in US interest rates that increase the opportunity cost of holding non-yielding bullion.
Meanwhile, reflecting investor sentiments, CFTC data showed that speculators dropped net longs in COMEX Gold F&O from 3,893 contracts to 94,942, while speculators left COMEX Gold F&O in the week ended January 04, 2022. Net longs increased from 4,210 contracts to 21,909.
“Weak monthly non-farm payroll data could lead to a downward trend; However, investors’ attention will be on US inflation data this week. Technically, if COMEX trades below the February 1792.35 level, it may continue its bearish momentum towards the 1786.35-$1775.25 level. The resistance area is located at the level of $1803.45-1809.45. Domestic gold prices may start flat on Monday morning in view of the beginning of softening of overseas prices. Technically, if MCX Gold trades below the February level of Rs 47,445 then it can continue its bearish momentum till the level of Rs 47,300-47,160. Sriram Iyer, Senior Research Analyst, Reliance Securities said, resistance area is near Rs 47,590-47,730 level.
“Gold price is trading with a declining trend and may find support near Rs 47,200 level. The trend can be used to cover long positions and for new positions, levels need to be watched. Buy Zone Above – Rs 47,450, target Rs 48,000
ShareIndia VP & Head of Research Dr. Ravi Singh says Sell Zone Below – Rs 47,200 for a target of Rs 47,000.
“As per the daily technical chart both gold and silver are now trading in the demand zone, we can see a short covering rally in bullion anytime. Momentum indicator RSI is also indicating the same in hourly as well as daily charts hence traders are advised to create fresh buy positions near the given support levels, traders are advised to look at the below mentioned key positions for the day. Technical Levels to Watch: February Gold Closing at Rs 47,452, Support 1 – Rs 47,300, Support 2 – Rs 47,150, Resistance 1 – Rs 47,500, Resistance 2 – Rs 47,630. March Silver closing price is Rs 60,607, Support 1 – Rs 60,000, Support 2 – Rs 59,600, Resistance 1 – Rs 60,800, Resistance 2 – Rs 61,500,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodities Ltd.
On silver price, Iyer said, “International silver prices in Asian trade have started flat to lower Monday morning as the US dollar rebounds this Monday. Technically, if COMEX trades below the March $22.270 level, it may continue its bearish momentum towards the $22.080-$21.755 level. The resistance area is near the $22.600-$22.785 level. Looking at overseas prices, domestic silver prices may start from flat to marginally weaker in the early hours of Monday. Technically, if MCX Silver trades below March 60445 level, it may continue its bearish momentum till Rs 60,170-59,735. The resistance zone is at Rs 60,885-61.160.”
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