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Last Updated : Jan 15, 2020 09:47 AM IST | Source:

Gold price today: Yellow metal inches higher as US says China tariffs to stay

On the MCX, Gold contracts for February were trading higher by Rs 223, or 0.57 percent, at Rs 39,670 per 10 gram at 09:20 hours.

India Gold February futures recouped losses and were trading higher on January 15 tracking gains in the international market after a top US official said tariffs on China would stay until a Phase 2 deal is completed.

US Treasury Secretary Steven Mnuchin said on January 14, the United States would keep in place tariffs on Chinese goods until the completion of a Phase 2 trade deal, said a Reuters report.

On the MCX, Gold contracts for February were trading higher by Rs 223, or 0.57 percent, at Rs 39,670 per 10 gram at 09:20 hours.


Gold and silver prices extended the fall ahead of the signing of first phase trade deal between the US and China. Spot Gold closed below $1,550 and silver prices closed at $17.80 per troy ounce.

At MCX, Gold prices slipped below 39,500 and silver prices slipped below 46,000 levels in the previous session. Experts feel that Gold is likely to remain volatile but will hold onto the support of 39,200 levels. Investors could use rallies to go short.

“We expect both the precious metals to trade near crucial support levels if it holds then one bounce back is possible in the prices. If it breaks $1542 and $17.70 per troy ounce then further downside is possible in both the precious metals,” Manoj Kumar Jain, Director, IndiaNivesh Commodities told Moneycontrol.

“Please keep a close watch on the support levels. Gold is expected to trade in the range of 39200-39500 and silver is expected to trade in the range of 45600-46100 levels,” he said.

Track live Gold price here

Trading Strategy:

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

MCX Gold February has given a gap down & has sustained below 39500 levels which indicate weakness to continue in the counter. It has strong support of its 21-Daily Moving Average which is placed at 39100 levels.

International Gold is expected to trade in a range of $1535-$1548 levels.

Intraday strategy: MCX Gold February Sell in the range of 39530-39550 with 39650 as stop loss and target of 39200 levels.

Expert: Jateen Trivedi, Sr Research Analyst - Commodity & Currency, LKP Securities Ltd

On the daily chart Gold traded flat to weak as US-China Phase I deal boosted investors' appetite for riskier assets but recent update about tariffs on China would stay until a Phase 2 deal is completed, ahead of the signing of an interim trade deal between the two countries is giving Gold prices support in early morning trade.

Prices overall have priced in the trade deal phase I. Gold prices can be in some profit booking mode but the strong supports are placed near 39000 and if the levels hold on closing basis then bounce expected.

For the day 39700-39850 will act as resistance whereas 39600-39475 as supports.

Disclaimer: The views and investment tips expressed by investment experts on are his own and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Jan 15, 2020 09:47 am
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