Gold price in India remained flat on Wednesday, February 9. The yellow metal remained pressure tracking the international market. The investors keenly wait for the United States inflation data scheduled this week. On the Multi-Commodity Exchange (MCX), gold futures rose slightly by 0.12 per cent to Rs 48,488 for 10 grams at 1200 hours on February 9. Silver price witnessed a huge jump on Wednesday. The precious metal price jumped 0.32 per cent to Rs 62,565 for a kilogram on February 9.
Gold prices increased to two-week high in the international market on Wednesday. Spot gold was up 0.1 per cent at $1,827.37 per ounce, as of 0423 GMT, according to Reuters. US gold futures also edged 0.1 per cent higher to $1,829.10. Yellow metal price has been hovering around in range-bound trade since the starting of this year. According to a Reuters poll, US consumer prices for January are expected to rise 7.3 per cent annually, which could still mark a 40-year high. The rising inflation has spooked the market across the world.
San Francisco Federal Reserve Bank president Mary Daly said that inflation in the United States could get worse before it gets better, but it will get better, adding that she does not expect inflation to have fallen to 2 per cent by the end of the year.
Meanwhile, the investors were anticipating a sooner-than-expected rate hike by the United States Federal Reserve. If the US Fed increases the rate, the price of hedge metal would see a spike in future. The stronger dollar and hardening US bond yields could cap further upside, experts believed.
Gold Price Future: Will Gold Rates Jump Soon?
“Technically, if April COMEX Gold trades above $ 1824.60 level, it could continue its bullish momentum up to the resistance zone at $1833.20-$1838.50. A trade below could pull the prices to the support zone at $1819.30-$1810.70.
Domestic gold prices could start flat to marginally higher this early Wednesday morning tracking a positive start in the overseas prices. Technically, if MCX Gold April trades above Rs 48,360 level it could continue its bullish momentum up to the resistance zone at Rs 48,550-48,660. A trade below could pull the prices back to the support zone at Rs 48,245-48,060,” said Sriram Iyer, senior research analyst at Reliance Securities.
Gold prices are riding high on back of rising inflation and tensions between Ukraine and Russia discounting the effects of the prospect of an aggressive rate hike by the US central bank. US inflation data for January is due on Thursday and expectations are for a 7.3 per cent annual rise. Buy Zone Near – Rs 48,200 for the target of Rs 48,500. Sell Zone Below – Rs 48,100 for the target of Rs 47,900, said Ravi Singh-Vice President and Head of Research-ShareIndia.
“Gold and Silver prices are now showing strength again and creating bottom. Momentum indicator RSI also indicating the same in hourly as well as daily chart. So traders are advised to create fresh longs near given support levels. Traders should focus important technical levels given below for the day : April Gold closing price Rs 48,429, Support 1 – Rs 48,250, Support 2 – 48100, Resistance 1 – Rs 48,600, Resistance 2 – Rs 48,750. March Silver closing price Rs 62,367, Support 1 – Rs 62,100, Support 2 – Rs 61,800, Resistance 1 – Rs 62,900, Resistance 2 – Rs 63,400,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.
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