Gold prices slipped on Friday in international markets pressured by strength in US Treasury yields and dollar, which also put bullion on course for its first weekly loss in three. Spot gold was down 0.1% at $1,949.33 per ounce as of 0242 GMT. US gold futures were up 0.2% at $1,952.
At 9.46 am, on the Multi-Commodity Exchange (MCX), gold contracts were up 0.16 percent, trading at Rs 52,499 for 10 grams, while silver fell 0.08 percent to Rs 67,074 a kilogram.
Gold may trade in a Rs 52000-52700 range this week due to safe-haven demand stemming from the Ukraine crisis and its impact on the global economy, even as a stronger dollar and a rise in yields limit gains. Buy zone is near Rs 52200 for target of Rs 52500 while sell zone is below Rs 52000 for target of Rs 51800, said Ravi Singh - Vice President and Head of Research - ShareIndia.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades were mixed near $1950/oz after a 0.4% decline yesterday. Gold is trading in a narrow range as support from renewed weakness in equities, growth worries, inflation concerns and geopolitical tensions is countered by monetary tightening stance of US Fed and other central banks. ETF outflows also shows profit taking by investors. Gold has stabilised near $1950/oz after recent losses and mixed factors may keep price in a range but the prospect of Fed’s tightening may keep pressure on price.
Rahul Kalantri, VP Commodities, Mehta Equities
On Thursday, gold and silver settled on a weaker note after Fed Chair Jerome Powell at an International Monetary Fund signalled that the US central bank will have to move more aggressively to counter inflation, and explicitly said a half-point interest rate increase is "on the table" for next month's policy meeting. Gold June futures contract settled at $1,951 per troy ounce, down by 0.40%, and silver May futures contract settled at $24.62 per troy ounce, down by 1.50%. Domestic markets also settled on a weaker note. Gold June futures contract settled at Rs 52,413 per 10 gram with a loss of 0.40% and silver May futures contract settled at Rs 67,125 per kilogram with a loss of 1.90%. Yesterday US unemployment claims data was supportive of bullion.
Gold has support at $1934-1922 while resistance is at $1962-1972. Silver has support at $24.200-23.88 while resistance is at $24.74-25.05. In rupee terms gold has support at Rs 52,220–52,050 while resistance is at Rs 52,650–52,820. Silver has support at Rs 66,550- 66,270 while resistance is at Rs 67,710–68,120.
Amit Khare, AVP- Research Commodities, Ganganagar Commodity
As per technical chart, gold and silver are trading in demand zone and any time we can see a short covering rally; momentum indicator RSI is also signalling the same on the hourly as well as daily chart, so traders are advised to create fresh buy positions near given support levels. Traders should focus on important technical levels.
June Gold closing price Rs 52413, Support 1 - Rs 52300, Support 2 - Rs 52100, Resistance 1 - Rs 52550, Resistance 2 - Rs 52700.
May Silver closing price Rs 67125, Support 1 - Rs 66700, Support 2 - Rs 66300, Resistance 1 - Rs 67500, Resistance 2 - Rs 68000.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.