Due to unfavourable global cues, the price of gold is trading unchanged on Tuesday, while the price of silver is down 0.11%. Gold April futures were selling at Rs 56,996 per 10 kilos on the Multi Commodity Exchange, down Rs 51 or 0.09%. On the MCX, silver March futures were selling at Rs 68,515 per kg, down by Rs 74. According to Reuters, gold prices globally increased a little bit as investors wait to hear whether the U.S. Federal Reserve will decide to raise interest rates this week. Spot gold increased 0.2% to $1,925.39 per ounce and was on pace to advance more than 5% in a single month. At $1,940.30, U.S. gold futures were up 0.1%.
“Bullion prices were fluctuating, with gold ending the day slightly lower and silver edging higher. After reaching a nine-month high last week, gold prices saw some profit-taking as futures traders now pay attention to important events this week, such as the outcome of the Federal Reserve and European Central Bank’s interest rate decision and the U.S. jobs report.In advance of the Fed meeting, the US dollar and US Treasury bond yields increased. Geopolitical tensions between Israel and Iran and the conflict in the Ukraine and Russia may encourage safe-haven purchases of precious metals at current prices.
Ahead of the U.S. Fed meeting and the Indian Union Budget, we anticipate that gold and silver will continue to fluctuate. Support and resistance levels for gold are $1917-1905 and $1942-1954, respectively. Support and resistance levels for silver are $23.52-23.35 and $23.98-24.15, respectively. Support for gold in INR is between Rs 56,620 and Rs 56,480, while resistance is between Rs 57,040 and 57,210. Support and resistance levels for silver are Rs 67,950-67,420 and Rs 69,050-69,480, respectively.