Gold hit its highest level in about a month on Tuesday in international markets as China-US tensions and fears of a possible recession in America burnished bullion's safe-haven appeal.
Spot gold was little changed at $1,771.59 per ounce by 1:59 p.m. EDT (1759 GMT). US gold futures settled 0.1 percent higher at $1,789.70.
At 9.16 am, gold contracts were trading 0.08 percent higher on the Multi-Commodity Exchange (MCX) at Rs 51,350 for 10 grams and silver shed 0.34 percent at Rs 57,390 a kilogram.
Rahul Kalantri, VP Commodities, Mehta Equities
The bullion market price action took a breather on Tuesday following hawkish commentary from the Federal Reserve speakers, with gold and silver prices pulling further away from the $1,800 and $20.50 an ounce target respectively.
Gold has support at $1755-1742, while resistance is at $1792-1805. Silver has support at $19.65-$19.40, while resistance is at $20.20-20.42. In rupee terms gold has support at Rs 51,050–50,780, while resistance is at Rs 51,580–51,740. Silver has support at Rs 56,850-56,340, while resistance is at Rs 57,980–58,510.
Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart
Precious metal prices remained range-bound yesterday as the US dollar index gained 0.40 percent amid rising tensions between the US and China. Today, the OPEC countries meeting would be important for crude oil prices that may support precious metals as high volatility is expected. The day trend in precious metals looks like an upside. Gold has resistance at Rs 52000 and support at Rs 51300. Silver has support at Rs 57400 and resistance at Rs 59400.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded steady on Wednesday with spot gold prices at COMEX trading marginally up near $1765 per ounce in the morning trade. Gold prices pared some gains on dollar recovery and rise in US bond yields as some Fed officials signalled steeper rate hikes in coming months. The 10 year US Treasury yields rose to 2.74 percent while the dollar index was above 106 lowering demand for the yellow metal.
We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1750 and resistance at $1785 per ounce. MCX gold October support lies at Rs 51100 and resistance at Rs 51700 per 10 grams.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.