Gold rates today at ₹3000 below its life-time high. Buy or wait for more dip?
2 min read . Updated: 07 Mar 2023, 01:04 PM IST
Premium- Silver rates today have support placed at ₹61,500 levels and resistance around ₹67,400 levels say experts
Gold rate today: On penultimate day of stock market holiday for Holi 2023 in Indian markets, gold price remained range-bound as investors await final outcome of the US Fed's FOMC meeting scheduled from 21st to 22nd March 2023. Gold future contract on Multi Commodity Exchange (MCX) for April expiry ended ₹7 lower at ₹55,762 per 10 gm on Monday, which is around ₹3,000 below its life-time high of ₹58,847 per 10 gm. Silver price ended ₹19 lower at ₹64,330 levels on Monday.
According to commodity market experts, gold price today is in the range of $1,835 to $1,860 per ounce levels whereas it is next hurdle is placed at $1,890 levels. On the lower side, next support for the yellow metal is placed at $1,810 per ounce levels. On MCX, gold price has immediate support placed at ₹55,000 levels whereas its next support is placed at ₹54,600 levels. On the upper side gold rate today is facing resistance at ₹56,000 while it is facing next hurdle at ₹56,800 to ₹57,000 levels.
Why gold, silver rates are sideways
Speaking on the reason for gold and silver rates trading range bound in recent sessions, Anuj Gupta, Vice President — Research at IIFL Securities said, "Both gold and silver rates today is trading range bound as US dollar rate is dictating gold and silver prices movement these days. As Dollar Index has become stationed at above 104 levels with range-bound trade, bullions are also not giving any sharp movement."
Anuj Gupta of IIFL Securities said that gold price in international spot market is trading in small range of $1,835 to $1,860 levels while its broader range is lying in between $1,810 to $1,890 per ounce levels. He said that today commodity market is closed in first half and we may witness some upside move when it opens at 5:00 PM today as Dollar Index has witnessed some profit booking in early morning trade on Tuesday.
Gold, silver price outlook
Asked about gold price outlook in near term, market expert Sugandha Sachdeva said, "The relief rally in yellow metal looks to continue this week, in case gold prices manage to make headway beyond ₹56,000 per 10 gm mark and $1850 per ounce in the international markets. A move past the above-mentioned levels would imply a rebound towards ₹56,500 per 10 gm mark. That said, the tussle looks to continue between the bulls and bears, and shifting expectations regarding the rate hikes would keep dictating price moves for the precious metal."
On triggers that may dictate gold price in this week, Sugandha Sachdeva said, "For the coming sessions in this week, eyes are set on the crucial US jobs report for February and Fed Chair Powell's semi-annual monetary policy testimony for further cues."
"There is a possibility of selling pressure in precious metals this week. Support in gold lies at ₹55,000 and resistance lies at ₹57,000. In silver, support is near ₹61,500 and resistance is near ₹67,400 levels," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
