Gold prices held above the key $1,900-per-ounce level on March 14 in the international markets as expectations of less-aggressive Federal Reserve rate hikes, after the collapse of two big US regional banks, lifted non-yielding bullion's appeal.
At 9.58 am, gold was down 0.39 percent on the Multi Commodity Exchange (MCX) at Rs 57,420 for 10 grams, while silver shed 0.44 percent to Rs 66,360 a kilogram.
Spot gold was flat at $1,913.54 per ounce, as of 0053 GMT. US gold futures were also listless at $1,916.20.
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities
Gold prices traded lower and retreated after prices rallied more than 2 percent on previous session, with spot gold prices at Comex trading weak by 0.4 percent at $1905 ounce in the morning trade. Gold prices surged to fresh swing high of $1914 per ounce on back of sharp fall in US dollar and bond Yields as market now expect less-aggressive Federal Reserve rate hikes after the collapse of two big US regional banks.
We expect gold prices to correct to $1895 level after recent rally but under tone remains positive and buying is likely to be seen at support level. Comex spot gold has supports at $1895-1880 per ounce and resistance at $1919-1935 per ounce for the day. MCX Gold April future has support at Rs 56940 per 10 gram and resistance at Rs 57580 per 10 gram.
Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver prices settled on a positive note in the international markets. Gold April futures contract settled at $1,916.50 per troy ounce, up by 2.34% and silver May futures contract settled at $21.92 per troy ounce, up by 6.40%. Domestic markets also settled on a positive note.
We expect gold and silver prices to remain highly volatile in today’s session ahead of the US inflation data. Gold prices sustained above $1920 and could show further strength towards $1945. Silver sustained above $22 and could test $22.80 levels. Gold has support at $1900-1884, while resistance at $1928-1945 per troy ounce. Silver has support at $21.64-21.20, while resistance is at $22.20-22.80 per troy ounce.
At MCX, gold has support at Rs 57330-57080 and resistance at Rs 57880-58200 while silver has support at Rs 66000-65200 and resistance at Rs 67350-68100. We suggest buying gold on dips around Rs 57300 with a stop loss of Rs 56950 for target of Rs 58000 and buying silver on dips around Rs 66000 with a stop loss of Rs 65200 for target of Rs 67600.
(With agency inputs)
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