Weakness in gold prices even today, silver prices fall on the 5th day from Dhanteras

Dealers in India were last week charging a premium of up to $0.5 an ounce over the official domestic prices, up from a discount of $1.5 last week. Gold prices in India include 10.75% import duty and 3% GST.

Gold prices fell today on the back of a strong US dollar in global markets. Even ahead of the Federal Reserve policy meeting later this week, investors remained cautious. Spot gold fell 0.1% to $1,781.78 an ounce. The US dollar index rose to 94.192, making gold less attractive to buyers holding other currencies. The Federal Reserve’s two-day policy meeting ends on Wednesday.

Domestic brokerage Geojit says volatility in gold is expected in the near future but it needs to break $1,815 to trigger further big rallies. “However, a direct drop below $1765 is a weak signal,” the brokerage said.

Among other precious metals, spot silver fell 0.2% to $23.81 an ounce, while platinum rose 0.5% to $1,023.03.

“It is necessary to break the $25 resistance for the rally to continue. Otherwise a choppy trading day is expected,” Geojit said.

Domestic brokerage Motilal Oswal is positive on gold in the medium term. The precious metal has struggled this year after hitting record highs ₹56,200 last year.

In a recent note, domestic brokerage Motilal Oswal said: “We are bullish and continue to maintain a positive bias for gold price over the next 12 months, and expect consolidation to extend, with some directional gains soon.” Can see the move. In the current scenario there may be some short term constraints which may give better buying opportunity to the investors. We believe gold is likely to bounce back towards $2000 once again and this comesx But a new life span may also be created. On the domestic front, we expect the prices to touch higher levels of Rs 52000-53000 in the next 12 months.’

(with agency input)