Gold Prices Today: Experts expect precious metals to remain volatile as investors eye ECB president's speech

Gold prices inched higher in early Asian trade on January 19 as investors weighed chances of the US Federal Reserve slowing its pace of interest rate hikes.

At 10:09am, gold was trading 0.04 percent higher on the Multi Commodity Exchange (MCX) at Rs 56,310 for 10 grams, while silver was down 0.41 percent at Rs 67,950 a kilogram.

Spot gold was up 0.2 percent at $1,907.18 per ounce, as of 0028 GMT. US gold futures rose 0.1 percent to $1,909.40.

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Deveya Gaglani, Research Analyst - Commodities, Axis Securities

Gold price takes a breather in the last session after prices hit an 8-month high around the $1925 level. The gold rally lost steam after the much-awaited economic data print from the US. The lackluster dataset boosted the dollar index, which recovered swiftly from a multi-month low of $101.5 up to $102.3, prompting profit booking in bullions.

The overall trend remains positive for bullions as long as the Comex spot is intact above the $1880 level on a weekly closing basis. In the domestic market immediate support zone is seen around Rs 56,000 level and resistance around the Rs 56,600 level.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Gold and silver prices ended on a negative note in a volatile session on Wednesday, weighed down by profit taking by short-term futures traders while a rebound in the US dollar index and falling crude oil prices also capped gains of precious metals. The US data was mixed for bullion prices but weakness in the global crude oil prices and recession fears in the US triggered profit taking in gold and silver.

The Japanese Yen tumbled against the US dollar as Bank of Japan made a surprise move to keep its cap on the 10-year government bond yield at 0.5 percent. Gold and silver trades lower as Fed’s Bullard advocates front-loading rate hikes.

We expect gold and silver to remain volatile in today’s session. Gold has support at $1892-1880 while resistance is at $1922-1935. Silver has support at $23.05-22.82, while resistance is at $23.62-23.80. In rupee terms, gold has support at Rs 56,080-55,780, while resistance is at Rs 56,580, 56,710. Silver has support at Rs 67,650-67,180, while resistance is at Rs 68,720–69,080.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver prices on January 18 settled on a weaker note in the international markets. Gold February futures contract settled at $1,909.70 per troy ounce, down by 0.01 percent and silver March futures contract settled at $23.65 per troy ounce, down by 1.76 percent. Domestic markets also settled on a weaker note.

We expect gold and silver to remain volatile in today’s session ahead of the ECB president’s speech. The yellow metal could face resistance around $1922 per troy ounce levels. Gold has support at $1900-1784, while resistance at $1922-1934 per troy ounce. Silver has support at $23.40-23.15, while resistance is at $23.88-24.20 per troy ounce.

At MCX, gold has support at Rs 56080-55850 and resistance at Rs 56440-56600 while silver have support at Rs 67750-67200 and resistance at Rs 68850-69400. We suggest selling gold on rise around Rs 56500 with a stop loss of Rs 56700 for target of Rs 56100.

With agency inputs

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