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Gold Prices Today: Hawkish Fed outlook to keep yellow metal under pressure, global concerns to lend support

"Technically, on daily charts gold is in a bearish state but further weakness is only expected below $1777 and, on the contrary, if prices sustain above $1803 then we may witness bulls coming back in the picture," said Vidit Garg, director at MyGoldKart.

January 31, 2022 / 09:44 AM IST

Gold prices fell for a fourth consecutive session on January 31 in the international market and were set for their biggest monthly drop since last September, as the US dollar strengthened ahead of key central bank meetings, making bullion more expensive for holders of other currencies.

At the Multi-Commodity Exchange (MCX), gold contracts were trading marginally higher by 0.11 percent at Rs 47,665 for 10 grams at 9.30 am and silver shed 0.06 percent to trade at Rs 61,000 a kilogram.

The near-term trend in gold and silver may remain weak as investors jitter at the hawkish Fed outlook. The strong dollar and rising bond yield put selling pressure on precious metals. Gold has resistance at Rs 48000 while support is at Rs 47200. Selling pressure is likely to be seen in gold near resistance levels. Support of Rs 47200 will be crucial if this level is breached, then selling momentum may increase and prices may head for Rs 46700 levels, said Abhishek Chauhan, head of commodity and currency at Swastika Investmart.

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