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Gold Prices Today: Selling pressure likely at higher levels, support around Rs 48,800

Gold has corrected after failing to sustain above $1850/oz and a drop below $1800/oz has further dented market sentiment however we may not see a sustained decline amid weaker risk sentiment, said Ravindra Rao at Kotak Securities

January 28, 2022 / 10:08 AM IST
Gold market stays volatile

Gold market stays volatile

Gold traded flat in the international markets on January 28 and was set for its sharpest weekly decline since November as markets digested the US Federal Reserve's policy tightening plans that propelled the dollar index to a multi-month peak.

At the Multi-Commodity Exchange (MCX), gold contracts were trading marginally higher by 0.3 percent at Rs 47,922 for 10 grams at 9.25 am and silver added 0.17 percent to tarde at Rs 62,048 a kilogram.

Gold fell 1.75 percent on the previous day as Fed signalled a rate hike as soon as March. The metal extended losses after data showed that the US economy expanded at an annual 6.9 percent pace in the fourth quarter. The dollar which moves against gold prices soared 0.75 percent and crossed the 97 mark. Silver prices also fell by more than 3 percent.

The yellow metal has resistance at Rs 48,150 and a rise in prices towards resistance levels may witness selling pressure. It has support at Rs 48,800, said Abhishek Chauhan, Head of Commodity and Currency at Swastika Investmart.