NEW DELHI: Gold prices were marginally down on Thursday ahead of key inflation data and amid a firm US dollar.
Inflation numbers could provide clues on the Federal Reserve’s next policy move. Bond yields moved higher, while the dollar also flexed its muscles, raising bullion’s cost to buyers holding other currencies.
Gold futures on MCX shed 0.07 per cent or Rs 32 to Rs 48,023 per 10 grams. Similarly, silver futures edged lower by 0.05 per cent or Rs 33 to Rs 61,590 per kg.
Vidit Garg, Director, MyGoldKart said gold was almost flat as yields climbed due to vaccine update while concerns over a potential Russian threat to Ukraine supported metals.
In the spot market, the highest purity gold was sold at Rs 48,109 per 10 grams while silver was priced at Rs 61,227 per kg on Wednesday, according to the Indian Bullion and Jewelers Association.
The spot price of gold has gained about Rs 600 per 10 grams in this ongoing week, whereas silver has jumped about Rs 800 per kg during the period under review.
Trading strategy
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,770 and resistance at $1,800 per ounce. MCX Gold February support lies at Rs 47,700 and resistance at Rs 48,400 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Global markets
Spot gold was flat at $1,782.65 per ounce, as of 0236 GMT. U.S. gold futures fell 0.1 per cent to $1,784.50.
Spot silver fell 0.2 per cent to $22.34 an ounce. Platinum dropped 0.2 per cent to $954.51, while palladium rose 0.4 per cent to $1,862.90.