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Gold Prices Today: Yellow metal to remain volatile amid global concerns, support at Rs 47,800

Manoj Kumar Jain of Prithvi Finmart Commodity Research expects both precious metals to remain volatile in today’s session ahead of the Bank of England and ECB policy meetings

February 03, 2022 / 10:15 AM IST

Gold was trading higher in the Indian market on February 3 even as international prices remained unchanged above the key $1,800 an ounce level after US Treasury yields retreated following a dip in the jobs data.

At the Multi-Commodity Exchange (MCX), gold contracts were trading 0.37 percent higher at Rs 48,099 for 10 grams at 9.53 am and silver shed 0.07 percent to trade at Rs 61,289 a kilogram.

Gold bounced on February 2 as dollar and yields dropped after ADP data showed that approximately 3 lakh private jobs dropped. The metal also got supported from President Joe Biden’s decision to send troops to Eastern Europe over a Russian threat to invade Ukraine.

“Technically, we got stop in our first trade as gold bounced from $1,793 but buy above $1,804.50 proved to be profitable one,” said Vidit Garg, Director, MyGoldKart.