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Gold price today: Yellow metal trades flat; March silver up over 1%

Gold may continue to witness mixed trade unless there are fresh triggers but general bias may be on the upside on US stimulus expectations.

February 15, 2021 / 10:01 AM IST

Gold was trading flat but with a positive bias in Indian markets on February 15 following a positive trend in international spot prices. On the Multi-Commodity Exchange (MCX), April gold contracts were trading higher by 0.18 percent at Rs 47,402 for 10 grams at 0920 hours. March silver futures were trading 1.1 percent higher at Rs 69,925 a kilogram.

Experts expect precious metals to remain volatile. Gold is getting support from the US stimulus expectations, recent weakness in the dollar and mixed economic data from major economies.

Gold and silver prices settled on a mixed note in international markets on February 12. Gold April futures contract settled at $1,824.55 per troy ounce, down by 0.12 percent, and March silver settled at $27.435 a troy ounce.

Domestic markets also mirrored the trend. On February 12, global equities had a mixed session as major Asian markets were shut and the dollar index showed a firm trend and restricted gains.

“Gains in the domestic markets were capped due to strength in the rupee. We expect both the precious metals to remain volatile this week and if the dollar index slips below the 90-mark, It could support prices of both the precious metals,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

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Gold & Silver Rates Oct 24, 2021

Sunday, 24th October, 2021

Gold Rate in Mumbai Oct 24, 2021

  • 10g of 24K gold in Mumbai
    48,230
  • 10g of 22K gold in Mumbai
    45,930

Sunday, 24th October, 2021

Silver Rate in Mumbai Oct 24, 2021

  • 10g silver in Mumbai
    699
  • 1kg silver in Mumbai
    69,900
Show

“Gold has support at $1810-1800, while resistance at $1838-1854 per troy ounce. Silver has support at $27.00-26.55, while resistance is at $27.88-28.20 per troy ounce,” he said.

Jain suggests buying in the silver on dips around Rs 68,500, with the stop loss around Rs 67,700 on a closing basis for the target of 70,000.

Track Gold price here

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Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold dipped on February 12 as the dollar firmed. However, silver pushed higher, supported by industrial demand. Domestic gold and silver prices ended mixed, with the yellow metal in the red. Silver tracked overseas prices to close higher.

Domestic gold and silver could trade flat on February 15, tracking overseas markets.

Technically, MCX April gold is below 47,500 and will continue its bearish momentum up to 47,100-46,900. Resistance is at 47,500-47,650.

March silver bounced back from 68,500 and could take prices to 69,700-70,200 levels. Support is at 68,700-68,000 levels.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Comex gold was trading little changed near $1,824/oz after a 0.2 percent decline in the previous session. Gold was trading in a range as support from US stimulus expectations, recent weakness in the dollar and mixed economic data from major economies is countered by continuing ETF outflows and improvement in virus situation and progress on the vaccine front.

Gold may continue to witness mixed trade unless there are fresh triggers, however, general bias may be on the upside owing to US stimulus expectations.

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.
Kshitij Anand is the Editor Markets at Moneycontrol.

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