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Gold rates in India fell for the second day but the losses were capped, tracking steady global rates. On MCX, gold futures were trading lower at 51,480 per 10 gram while silver futures fell 0.4% to 58,100 per kg. In global markets, the yellow metal was steady at $1,775.29 per ounce, supported by a retreat in US Treasury yields amid growing recession.

Gold also got a boost on fears of deterioration in US-China relations with House Speaker Nancy Pelosi set to visit Taiwan. She would be the most senior US politician to visit the island in a quarter of a century, and Beijing has warned of consequences if the trip goes ahead.

“Gold trades steady near $1775/oz supported by persistent weakness in US dollar and bond yields as market players debate Fed’s monetary policy stance. Also supporting price is safe haven amid tensions between US and China over visit of House Speaker Nancy Pelosi to Taiwan," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

"However, weighing on gold price is some hawkish comments from Fed officials, concerns about consumer demand in India and China and weaker ETF activity despite price recovery. Gold has bounced back sharply from the lows and is holding above $1750/oz indicating positive momentum. But the gains may slow down as Fed officials are likely to maintain support for rate hikes with inflation still out of control," he added. 

Among other precious metals, spot silver fell 0.4% to $20.26 per ounce while platinum rose 0.3% to $909.10.

Gold Technical Outlook

Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said: “We expect both precious metals to remain volatile this week ahead of the OPEC+ meeting and geo-political tensions between USA and China. Gold has support at $1755-1742, while resistance is at $1792-1805. Silver has support at $20.10-19.75, while resistance is at $20.55-20.82. In rupee terms, gold has support at 51,050–50,780, while resistance is at 51,580–51,740. Silver has support at Rs57,550-56,940, while resistance is at 58,980–59,510."

We expect both precious metals to remain volatile this week ahead of the OPEC+ meeting and geo-political tensions between USA and China. Gold has support at $1755-1742, while resistance is at $1792-1805. Silver has support at $20.10-19.75, while resistance is at $20.55-20.82. In rupee terms, gold has support at 51,050–50,780, while resistance is at 51,580–51,740. Silver has support at Rs57,550-56,940, while resistance is at 58,980–59,510."

 

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