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Business News/ Markets / Commodities/  Gold rate today: Yellow metal trades lower; support seen at 61,850 level
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Gold rate today: Yellow metal trades lower; support seen at ₹61,850 level

Gold prices traded in a tight range ahead of speeches by US Fed officials through the week that could give further cues on when the US central bank may start easing its monetary policy,

Spot gold was at $2,034.56 per ounce, while US gold futures were also flat at $2,050.80 per ounce.Premium
Spot gold was at $2,034.56 per ounce, while US gold futures were also flat at $2,050.80 per ounce.

Gold prices on MCX traded marginally lower on Wednesday tracking subdued trend in the international market amid lack of fresh triggers.

Investors will watch for the comments from US Federal Reserve officials for further cues on the interest rate cut timeline. At least five more Fed officials are due to speak this week.

MCX gold prices were trading lower by 75, or 0.12%, at 62,499 per 10 grams. MCX silver prices were down by 174, or 0.25%, at 70,420 per kg.

“Gold prices are likely to remain sideways in absence of any fresh triggers. So far the Fed officials have indicated no aggressive rate cuts. Meanwhile the gold-silver ratio has risen, indicating that silver may underperform gold" said Ajay Kedia, Director of Kedia Advisory.

International gold prices traded in a tight range ahead of speeches by US Fed officials through the week that could give further cues on when the US central bank may start easing its monetary policy, Reuters reported.

Spot gold was at $2,034.56 per ounce, while US gold futures were also flat at $2,050.80 per ounce.

Also Read: Domestic participation boosts Indian markets despite FII outflows, says Sachin Jasuja of Centricity

“Spot gold is likely to face the hurdle near $2,045 level and slip towards $2,020 level as recent hawkish comments from the Fed members and strong US economic numbers has pushed back the expectation of interest rates cuts from March to May. Additionally, liquidation of gold holdings by ETFs would weigh on the metal prices," ICICI Direct said in a note.

The US dollar index edged 0.1% lower, supporting the bullion prices.

“MCX gold may find support at 61,850, while resistance is seen at 63,000 level. Support for silver is placed at 68,800, it may face resistance at 72,300 level," Kedia said.

On MCX, Kedia believes a weak rupee will support the yellow metal prices.

Meanwhile, according to ICICI Direct, MCX Gold April price is likely to face hurdle near 62,800 level and slip towards 62,100 levels. MCX Silver is expected to follow gold and slide further towards 70,000 level as long as it sustains below 71,200 level. Only a move above 71,200 would bring back the bulls into the action, it said.

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Published: 07 Feb 2024, 10:41 AM IST
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