Gold Prices Today: Volatility on the cards, yellow metal may find support at Rs 52,570-52,350

Gold, Gold Prices

Gold prices steadied near a three-month peak on Wednesday in the international markets as signs of cooling US inflation boosted bets for smaller rate hikes, while reports around Russian missiles killing two people in Poland led to some demand for safe-haven assets.

Spot gold held its ground at $1,776.50 per ounce, as of 0103 GMT, after hitting its highest since August 15 in the previous session. US gold futures rose 0.2 percent at $1,780.40 per ounce.

At 09:44 am, gold contracts were trading 0.53 percent higher on the Multi-Commodity Exchange (MCX) at Rs 53,025 for 10 grams and silver added 0.44 percent at Rs 61,864 a kilogram.

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Trading Strategy

Rahul Kalantri, VP Commodities, Mehta Equities

Gold prices hit a three-month high in the international market on Tuesday amid safe-haven buying in the bullion after a Russian missile strike on Poland territory ramped up fears of a NATO-led escalation in the Ukraine conflict. Silver prices, which scaled to a five-month high intra-day yesterday, were unable to hold on to its gains and ended weak.

We expect gold and silver prices to remain volatile in today’s session amid ongoing geopolitical risks. Gold has support at $1758-1748 while resistance is at $1785-1794. Silver has support at $21.38-21.22, while resistance is at $21.86-22.10. In rupee terms gold has support at Rs 52,570-52,350, while resistance is at Rs 52,880, 53,080. Silver has support at Rs 61,050-60,580, while resistance is at Rs 61,970–62,480.

Nirpendra Yadav, Senior Research Analyst at Swastika Investmart

Profit booking is seen in precious metals as US empire estate manufacturing data stood better than expected. However, ease in the US dollar index and the benchmark treasury yields support the bullion. Today's retail sales data from the US front will be a key trigger for precious metals. Technically, prices of precious metals may remain range-bound today however bounce in prices is expected from the support levels. Gold has support at Rs 52400 and resistance at Rs 53200. Silver has support at Rs 61000 and resistance at Rs 63200.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver prices on November 15 settled on a weaker note in the international markets. Gold December futures contract settled at $1,776.80 per troy ounce, down by 0.01% and silver December futures contract settled at $21.52 per troy ounce, down by 2.68%. Domestic markets settled on a mixed note.

We expect gold and silver prices to remain volatile in today’s session and could hold its support levels. Gold has support at $1762-1750, while resistance is at $1788-1800 per troy ounce. Silver has support at $21.33-21.00., while resistance is at $21.84-22.10 per troy ounce.

At MCX, gold has support at Rs 52550-52330 and resistance at Rs 52900-53050 while silver is having support at Rs 61100-60660 and resistance at Rs 62200-62800. We suggest buying silver on dips around Rs 61100 with a stop loss of Rs 60600 for target of Rs 62400.

Deveya Gaglani, Research Analyst, Axis Securities

Gold prices made a new multi-month high in the last session. Prices touched the Rs 53000 level, but failed to sustain near the day's high, as investors booked profit after PPI data. The dollar index recovered after a steep fall of 5 percent in the past few days. On the daily chart, gold prices settled around the Rs 52700 level and have formed a Gravestone doji candlestick, which indicates that prices may retrace from the higher level.

Investors will now focus on retail sales data to take further cues from the Fed. The Poland missile attack has supported gold at a lower level. The short trend is positive for gold as long as the Rs 52000 level is intact on the downside.

(With agency inputs)

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