Gold Prices Today: Volatility on the cards, yellow metal support at Rs 52,570-52,350

On Wednesday, gold prices held steady near a three-month high on the international markets as reports of Russian missiles killing two people in Poland increased demand for safe-haven assets, and signs of slowing US inflation increased bets for lower rate hikes. Gold was unchanged at $1,776.50 an ounce after reaching its highest level since August 15 the previous session. At $1,780.40 per ounce, US gold futures saw a 0.2% increase.

Gold contracts on the Multi-Commodity Exchange (MCX) were trading 0.53% higher at Rs 53,025 for 10 grams, and silver prices were up 0.44% at Rs 61,864 for a kilogram. Tuesday saw a three-month high for gold prices on the world market due to safe-haven buying in the metal after a Russian missile strike on Polish soil increased concerns about a NATO-led escalation of the Ukraine conflict. Yesterday, silver prices rose to an intraday high of five months, but they were unable to hang on to their gains and closed the day weak.

  • Support levels for gold are $1758-1748 and resistance levels are $1785-1794. Support for silver lies between $21.38 and 21.22; resistance is between $21.86 and 22.10.
  • Support for gold in rupees lies between Rs 52,570 and 52,350, while resistance is found between Rs 52,880 and 53,080. Silver’s support and resistance levels are Rs 61,050 and Rs 60,580, respectively.

Precious metals are showing signs of profit taking as US empire estate manufacturing data came in better than anticipated. The benchmark bond yields and a weaker US dollar index, however, help gold. A crucial catalyst for precious metals will be today’s retail sales data from the US front. Technically, the price of precious metals may remain range-bound today, but a rebound from the support levels is anticipated. 52400 is a support level for gold, and 53200 is a resistance level. Support and resistance levels for silver are 61000 and 63200 respectively.

Leave a Reply

Your email address will not be published. Required fields are marked *