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Gold Prices Today: Precious metal prices to remain volatile, support for yellow metal around Rs 58,080-57,810

Prathamesh Mallya of Angel One expects gold to trade lower towards Rs 57,680 levels, a break of which could prompt the price to move lower to Rs 57,210 levels.

March 16, 2023 / 10:14 AM IST

Gold retreated on Thursday in the international markets from a safe-haven-driven rally, which sent prices to their highest since early-February. Traders sought more clarity on the financial sector after Credit Suisse became the latest focal point for fears of a banking crisis.

Spot gold was down 0.3% at $1,912.48 per ounce, as of 0328 GMT, after rising more than 1% on Wednesday. US gold futures shed 0.8% to $1,915.10.

At 9.51 am, gold was down 0.67 percent on the Multi Commodity Exchange (MCX) at Rs 57,945 for 10 grams, while silver shed 0.5 percent to Rs 66,960 a kilogram.

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Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One

Gold prices bounced back after a pullback seen the other day, as a fresh crisis in the banking sector turned investors turned attention towards the safe haven asset, gold. With this up-move, the bullion has now climbed to its highest since early February.

Gold prices in pounds reached a new high, and bullion in euros also rose to levels not seen since records were set last year. We expect gold to trade lower towards Rs 57680 levels, a break of which could prompt the price to move lower to Rs 57210 levels.

Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities

Gold prices moved lower on Thursday, with spot gold prices at Comex trading down by 0.29% at $1,913 per ounce in morning trade. Comex Gold prices surged to a fresh swing high of $1,937 per ounce on Wednesday as troubles at Swiss lender Credit Suisse renewed concern of a banking crisis worldwide and inventors moved towards the safe-haven metal. Following the news, bond yields in the U.S. and eurozone fell on another bout of turmoil in banking stocks and shifting interest rate expectations.

We expect gold prices likely to trade volatile with negative bias and selling pressure will see around the $1,935 per ounce level while the downside looks limited to the $1,880 level per ounce for the day. Comex spot gold has supports at $1,895-1,880 per ounce and resistance at $1,924-1,940 per ounce for the day. MCX Gold April future has support at Rs 57,140 per 10 gram and resistance at Rs 58,400 per 10 gram.

Rahul Kalantri, VP Commodities, Mehta Equities

Gold prices were sharply up and silver near steady on Wednesday, as both metals hit five-week highs yesterday on safe-haven demand. Fears of a global banking/financial crisis are growing which is further fuelling a rally in gold. Falling US Treasury yields and a much stronger US dollar index today are indicative for traders and investors to hold safe-haven assets.

We expect gold and silver to remain highly volatile in today’s session. Gold has support at $1,900-1,888 while resistance is at $1,922-1,934. Silver has support at $21.55-21.40, while resistance is at $22.00-22.18. In rupee terms, gold has support at Rs 58,080-57,810, while resistance is at Rs 58,650, 58,820. Silver has support at Rs 66,920-66,510, while resistance is at Rs 67,990–68,580.

(With agency inputs)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.​

Sandip Das
first published: Mar 16, 2023 10:14 am