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Gold Prices Today: Yellow metal prices to remain volatile ahead of US unemployment data

Gold has support at Rs 47700-47550 and resistance at Rs 48000-48180 while silver has support at Rs 61500-61300 and resistance at Rs 62220-62700, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

December 30, 2021 / 09:58 AM IST

Gold prices steadied above the key $1,800 per ounce level on December 30 in the international markets as a weak US dollar, which makes bullion attractive for holders of other currencies, balanced pressure from firm Treasury yields which erode the metal's appeal.

On the Multi-Commodity Exchange (MCX), gold contracts were down 0.19 percent, trading at Rs 47,949 for 10 grams at 9.59 am on December 29. Silver futures shed 0.14 percent to Rs 62,425 a kilogram.

Gold and silver prices plunged again on Wednesday amid strength in the benchmark 10-year bond yields in the United States. Both the precious metals settled on a weaker note in the international markets. Gold February futures contract settled at $1805.80 per troy ounce with a loss of 0.28% and silver March futures contract settled at $22.86 per troy ounce with a loss of 1.13%, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

We expect both the precious metals to remain volatile in today’s session ahead of the US unemployment claims data and could hold its support levels. Gold has support at $1792-1780 per troy ounce and resistance at $1814-1822 per troy ounce while silver has support at $22.55-22.30 per troy ounce and resistance at $23.10-23.42 per troy ounce, he said.

At MCX, gold has support at Rs 47700-47550 and resistance at Rs 48000-48180 while silver has support at Rs 61500-61300 and resistance at Rs 62220-62700. We suggest buying silver on dips around Rs 61500 with a stop loss of Rs 61100 for target of Rs 62500, he added.

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Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart

US bond yield rose 3% in the previous session while the Dollar index eased 0.28%. USD-INR is getting weaker putting more pressure on gold and silver prices. In MCX, gold fell by more than Rs 400 per 10 gram in the previous trading session. However, existing home sales data from the US stood weaker which supported gold prices and limit the loss of 0.53%. On the daily chart, gold prices have taken support of 200-EMA which may support gold prices in today's session.

Ravi Singh, Vice President & Head of Research at ShareIndia

Amid low volumes due to year-end holiday, gold prices are trading sideways. Stronger dollar is also putting pressure on gold prices. Low volatility is expected to continue till next week.

Buy zone above Rs 48000 for target of Rs 48300

Sell zone below Rs 47700 for target of Rs 47500

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited

As per daily technical chart gold and silver are ready for some profit booking. Momentum indicator RSI is also indicating the same on the hourly as well as daily chart. So traders are advised to create fresh sell positions near given resistance levels, traders should focus important technical levels.

February gold closing price Rs 47839, Support 1 - Rs 47500, Support 2 - Rs 47300, Resistance 1 - Rs 47950, Resistance 2 - Rs 48100.

March silver closing price Rs 61838, Support 1 - Rs 61000, Support 2 - Rs 60500, Resistance 1 - Rs 62200, Resistance 2 - Rs 62600.

Disclaimer: The views and investment tips expressed by investment 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.​
Sandip Das
first published: Dec 30, 2021 09:57 am
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