Gold Prices Today: Yellow metal to remain range-bound amid volatility as US inflation data and RBI meeting in focus

Gold, Gold Prices

Gold prices edged higher on Monday in international markets, supported by a slight pullback in US Treasury yields, although bullion’s outlook remained vulnerable to aggressive interest rate hikes by central banks.

At 9.50 am, gold contracts were trading 0.26 percent higher at Rs 51,100 for 10 grams on the Multi-Commodity Exchange (MCX), while silver jumped 1.26 percent to Rs 62,446 a kilogram.

Gold and silver in the last trading session lost their shine as the dollar index retraced from its support level. The US jobs data that came out on Friday resulted in bullion coming off its higher level but with limited downside. Precious metals may remain range bound and even show upside as some European markets may remain closed. Gold has support at Rs 50500 and resistance at Rs 51500 while silver has support at Rs 61000 and resistance at Rs 62500, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

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Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm on Monday with spot prices at Comex 0.18% up near $1854 per ounce in morning. The yellow metal rose on inflation worries and muted dollar index. The 10 year US Treasury yields were down 0.39% boosting gold prices.

We expect gold prices to trade sideways to up for the day with Comex spot gold support at $1840 and resistance at $1870 per ounce. MCX gold August support lies at Rs 50800 and resistance at Rs 51300 per 10 gram.

Ravi Singh - Vice President and Head of Research - ShareIndia

This week gold may witness volatility on account of key data and events which may trigger price momentum, namely, ECB meeting, US inflation data, and RBI meeting. Movement of dollar index and US treasury yields will be key drivers of gold prices.

Buy zone above Rs 51100 for target of Rs 51400
Sell zone below Rs 50800 for target of Rs 50500

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