On January 19, gold prices increased slightly in early Asian trading as investors assessed the likelihood that the US Federal Reserve will decrease the rate at which it raises interest rates. Gold’s spot price increased by 0.2% to $1,907.18 per ounce. To $1,909.40, US gold futures increased by 0.1 percent.
Deveya Gaglani, Research Analyst – Commodities, Axis Securities said, In the most recent session, gold prices took a break after reaching an 8-month high at $1925. Following the eagerly anticipated economic data report from the US, the gold rise slowed. The weak report gave the dollar index a lift, and it quickly rose from a multi-month low of $101.5 to $102.3, causing bullion traders to book profits. As long as the Comex spot is sustained above the $1880 mark on a weekly closing basis, the general trend is still favorable for bullions. On the local market, a zone of immediate support and resistance is located around Rs 56,000 and Rs 56,600, respectively.
Manoj Kumar Jain, Prithvi Finmart Commodity Research, told On January 18, gold and silver prices in the worldwide markets came to a weaker conclusion. Silver March futures contract concluded at $23.65 per troy ounce, down 1.76 percent from its February settlement price of $23.70, and gold February futures contract ended at $1,909.70 per troy ounce, down 0.01 percent. Additionally, domestic markets closed in a negative tone.
Ahead of the ECB president’s speech, we anticipate gold and silver to remain volatile during today’s session. Around the levels of $1922 for a troy ounce, the yellow gold can encounter resistance. Support for gold is located at $1900-1784 while resistance is located at $1922-1934 per troy ounce. Support for silver per troy ounce is at $23.40-23.15, while resistance is at $23.88-24.20.
