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Gold Prices Today: Yellow metal to stay range-bound amid weak dollar, global economic concerns

As per technical chart bullions are trading at oversold zone, charts are showing some recovery in daily as well as hourly charts, momentum indicator RSI is also indicating the same, said Amit Khare, AVP- Research Commodities, Ganganagar Commodity.

September 09, 2022 / 10:11 AM IST
Gold, Yellow Metal, precious metal

Gold, Yellow Metal, precious metal


Gold prices rose on September 9 in the international markets helped by a dip in the dollar, but expectations of more interest rate hikes capped further gains as US Federal Reserve Chair Jerome Powell reiterated the central bank's commitment to tame inflation.

Spot gold rose 0.4 percent to $1,713.62 per ounce as of 0110 GMT.

At 10:01 AM, gold contracts were trading 0.37 percent higher on the Multi-Commodity Exchange (MCX) at Rs 50,543 per 10 grams and silver jumped 1.26 percent at Rs 54,963 a kilogram.

European Central Bank raised the interest rate as expected, which kept the Euro down, and further strengthened the US Dollar index. After ECB monetary policy, the US dollar index and benchmark Treasury yield gained, pressuring the bullion prices. Today's trend in bullion may remain range bound to the downside. Gold has resistance at Rs 50500 and support at Rs 50000. Silver has Rs 54700 and support at Rs 53000, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

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Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver struggled to capitalize on its intraday positive upmove and met with a fresh resistance near the $1,728 and $18.80 region on Thursday. Precious metals also slipped after the U.S. unemployment claims fell last week to 2,22,000 against expected claims of 2,34,000.

Gold has support at $1705-1688, while resistance is at $1724-1736. Silver has support at $18.45-18.28, while resistance is at $18.95-19.15. In rupee terms gold has support at Rs 50,150–49,940, while resistance is at Rs 50,580–50,740. Silver has support at Rs 53,550-53,120, while resistance is at Rs 54,780–55,110.

Ravi Singh - Vice President and Head of Research - ShareIndia

Gold prices dipped after ECB raised interest rates by an unprecedented 75 basis points to tame the uncontrolled inflation even as the Eurozone is likely heading towards a winter recession and gas rationing. As more future rate hikes on cards, the steep rise in dollar triggered sell of in gold.

Buy zone above Rs 50500 for target of Rs 50700

Sell zone below Rs 50100 for target of Rs 49900

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Gold and silver prices were firmer in early US trading Thursday, supported by a drop in the US dollar index from the 20-year high posted on Wednesday. Falling US Treasury bond yields the past two trading sessions are also friendly for the metals markets. Short covering in the futures markets is featured in both metals. October gold was last up $8.40 at $1,726.80 and December silver was up $0.37 at $18.63.

As per technical chart bullions are trading at oversold zone, charts are showing some recovery in daily as well as hourly charts, momentum indicator RSI is also indicating the same, So traders can make fresh buy positions near given support and shoul book near given resistance levels. Traders should focus important technical levels.

October Gold closing price Rs 50356, Support 1 - Rs 50200, Support 2 - Rs 50000, Resistance 1 - Rs 50500, Resistance 2 - Rs 50700.

December Silver closing price Rs 54281, Support 1 - Rs 54000, Support 2 - Rs 53700, Resistance 1 - Rs 54800, Resistance 2 - Rs 55500.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher on Friday with spot gold prices at COMEX were trading over half a percent up near $1717 per ounce in the morning trade. Gold prices recovered on weaker dollar which was trading 0.65% down at 109 against six major currencies. The market players digested hawkish remarks from US Fed on global slowdown worries.

We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1710 and resistance at $1730 per ounce. MCX Gold October support lies at Rs 50100 and resistance at Rs 50800 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.​
Sandip Das
first published: Sep 9, 2022 10:11 am
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