Gold prices were steady on Thursday in international markets as participants refrained from making big moves ahead of key US inflation reading that could influence the size of the Federal Reserve's next interest rate hike.
Spot gold held its ground at $1,672.79 per ounce as of 0026 GMT. US gold futures were up 0.1 percent at $1,679.80.
At 09:38 am, gold contracts were trading 0.03 percent lower on the Multi-Commodity Exchange (MCX) at Rs 50,891 for 10 grams and silver added 0.02 percent at Rs 57,335 a kilogram.
Manoj Kumar Jain of Prithvifinmart Commodity Research
Gold and silver on Wednesday settled on a weaker note in the international markets. Gold December futures contract settled at $1,677.50 per troy ounce, down by 0.5 percent, and silver December futures contract settled at $18.94 per troy ounce, down by 2.83 percent. Domestic markets also settled on a weaker note. Gold December futures contract settled at Rs 50,905 per 10 grams with a loss of 0.37 percent. Silver December futures contract settled at Rs 57,325 per kilogram with a loss of 2.07 percent.
We expect gold and silver prices to remain volatile in today’s session ahead of the US inflation data. Gold has support at $1,668-1,655 while resistance is at $1,688-1,700 per troy ounce. Silver has support at $18.70-18.45 while resistance is at $19.24-19.55 per troy ounce. At MCX, gold has support at Rs 50,740-50,580 and resistance at Rs 51,100-51,330 while silver has support at Rs 56,900-56,650 and resistance at Rs 57,750-58,400. We suggest buying silver around Rs 57,100 with a stop loss of Rs 56,650 (closing basis) for target of Rs 58,300.
Nirpendra Yadav, Senior Research Analyst at Swastika Investmart
Precious metals prices may remain under pressure as an aggressive US Fed outlook on monetary policy may further strengthen the dollar index. Today any rise in precious metals may witness selling pressure. Gold has resistance at Rs 51,300 and support at Rs 50,400. Silver has resistance at Rs 58,000 and support at Rs 56,400.
(Agency inputs)Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.