On the Multi-Commodity Exchange (MCX), gold contracts were down by 0.01 percent, trading at Rs 52,871 for 10 grams, while silver goes up 0.23 percent at Rs 68,945 a kilogram. Today Gold prices were flat in the International markets, after gaining 1% in the last trading session, as Treasury yields eased after U.S. inflation data and concerns over Ukraine conflict supported safe-haven bids.
United States CPI data remains in line with expectations while Core CPI data remains less than forecasted earlier. For March month the precious metals participants assume that U.S. Fed will not be as hawkish as it is after observing the inflation data. So, the precious metals are expected to uptrend today.
“We expect gold and silver prices to remain positive due to global inflation fears, rising crude oil prices and slower global growth prospects. At MCX, gold has support at Rs 52550-52300 and resistance at Rs 53050-53220 levels, while silver has support at Rs 68400-67900 and resistance at Rs 69100-69550 levels” said, Manoj Kumar Jain, Prithvi Finmart Commodity Research.
“The yellow metal prices are rising on weaker equities and geopolitical tensions. However, facing headwinds from weakening crude, a firmer dollar and rising real yields. Buy zone for gold near Rs 52500 for target of Rs 53100 levels, while Sell zone below Rs 52300 for target of Rs 52000 levels” said, Ravi Singh – Vice President and Head of Research – ShareIndia.