The dollar weakened on Friday as data revealed that weekly U.S. unemployment claims increased more than anticipated, raising hopes that a deteriorating labour market could lead to less-aggressive rate hikes from the Federal Reserve. Following a session-high increase of more than 1%, spot gold was up 0.1 percent at $1,832.59 per ounce. US gold futures increased by 0.2% to $1,838.20.
On March 9, gold prices increased slightly, but silver prices remained stable. In front of a significant U.S. economic data release later today, short covering and some position squaring were observed in the precious metals futures markets. Ahead of U.S. non-farm payroll figures and a rise in unemployment claims, the dollar index declined from a three-month high. The U.S. 10-year bond yields dropped below 3.90 percent and the U.S. equity markets collapsed, which helped to keep metal prices down.
The price of gold and silver is likely to remain erratic today. Support for gold is located between $1814,1802, and $1840,1851. Support for silver lies between $19.81 and 19.65, while resistance lies between $22.29 and 21.44. In terms of rupees, the support and resistance levels for gold are Rs 54,880-54,610 and Rs 55,480-55,710. Support and resistance levels for silver are Rs 61,420–61,010 and Rs 62,490-62,880, respectively.
Nirpendra Yadav, Senior Research Analyst at Swastika Investmart said, Because Fed Chairman Powell has not yet made a decision about the March meeting, precious metals prices increased. The increase in weekly unemployment claims from 190K to 2,11,000 was beneficial for bullion prices. Today, though, bullion prices are anticipated to fluctuate as investors wait for U.S. payroll statistics. Gold’s support is around Rs. 54,700 and its resistance is at Rs. 55,500. Support is around Rs 61,700 and resistance is at Rs 62,700 for silver.
