India Gold MCX April Futures was trading lower on March 3 tracking muted trend seen in the international spot prices as firm US Treasury yields continued to pressure the non-yielding bullion.
Spot gold eased at $1,734.16 per ounce, having dropped to their lowest since June 15 at $1,706.70 on Tuesday, said a Reuters report.
On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.1 percent at Rs 45,500 for 10 grams at 0920 hours. May silver futures were trading 0.05 percent lower at Rs 69,181 a kilogram.
On Tuesday, gold and silver prices settled on a positive note in the international markets. Gold April futures contract settled at $1,736.95 per troy ounce while Silver May futures contract settled at $26.85 per troy ounce.
Domestic markets also settled on a positive note. Gold and silver gained on Tuesday after profit-taking in the dollar index and global equities. The gold rebound from a near nine-month low and silver also gained from five-week lows, suggest experts.
“We expect both the precious metals to remain volatile in today’s session and $1700 per troy ounce will act as major support for gold. Gold has support at $1722-1710, while resistance is at $1750-1766 per troy ounce. Silver has support at $26.50-26.20, while resistance is at $27.20-27.60 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.
“At MCX, Gold has support at Rs 45330-45100 and resistance is placed at Rs 45770-45920. Silver has support at Rs 68800-68300 and resistance at Rs 69500-70200 levels. We suggest buying gold around Rs 45300 with a stop loss of Rs 45050 on a closing basis for the targets of Rs 45800,” he said.
Track Gold price here
Ravindra Rao, VP- Head Commodity Research at Kotak Securities
COMEX gold trades little changed near $1732/oz after a 0.6% gain yesterday. Gold has recovered from June 2020 amid a retreat in US dollar and bond yields from recent highs, optimism about the US stimulus package, renewed virus concerns, mixed economic data, loose monetary policy stance of central banks, and minor ETF inflows.
Gold may continue to sway along with the US dollar, however, a sustained rise is unlikely until there is a sharp correction in bond yields or concrete measures on US stimulus.
Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold and silver prices recovered from the lows of the session to end higher on Tuesday as a retreat in the dollar and US Treasury yields lifted demand for the safe-haven metal.
Domestic gold and silver prices ended higher, tracking overseas prices. The US equity markets saw a mild correction and also lent support to bullion.
Domestic gold and silver prices could trade lower this Wednesday morning tracking overseas prices.
Technically, MCX Gold April bounced back from Rs 44975 levels and has formed a bullish candlestick and can witness an upside momentum up to Rs 45650-45800 levels. Support is at Rs 45300-45100 levels.
MCX Silver May bounced back from Rs 65800 levels and ended on a positive note above Rs 67900 indicating a sign of Bullish Reversal and a possible upside move up to Rs 68400-69070 levels. Support is at Rs 67400-66700 level.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.