Moneycontrol PRO
Live Now |Join The Sustainability 100+ Summit and witness the dawn of an era of sustainable development. Click Here!

Gold price today: Yellow metal trades flat, support seen at Rs 47,200

Gold and silver are showing weakness on strength in bitcoin and profit-taking in the US equity markets, say experts. Gold may find support near Rs 47,200.

February 12, 2021 / 09:49 AM IST

Gold was trading flat in the Indian market on February 12, tracking a muted trend in international spot prices. On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.07 percent at Rs 47,475 for 10 grams at 0920 hours. March silver futures were trading 0.16 percent higher at Rs 68,600 a kilogram.

Gold and silver showed weakness after strength was seen in bitcoin and profit-taking in the US equity markets, experts said. The yellow metal could find support near Rs 47,200 per 10 gm, they say.

Gold and silver slipped the previous says despite weaker than expected US unemployment claims data. Gold April futures contract settled at $1,826.80 a troy ounce and March silver futures contract at $27.04 a troy ounce.

Both the metals also ended weak in the domestic markets.

“Gold and silver showed weakness after strength in bitcoin and profit-taking in the US equity markets. However, weakness in the dollar index, US stimulus hopes and the US Federal Reserve Chairman signal of soft monetary policy for a longer period is supporting precious metals prices,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

Close

Gold & Silver Rates Oct 26, 2021

Tuesday, 26th October, 2021

Gold Rate in Mumbai Oct 26, 2021

  • 10g of 24K gold in Mumbai
    48,540
  • 10g of 22K gold in Mumbai
    46,230

Tuesday, 26th October, 2021

Silver Rate in Mumbai Oct 26, 2021

  • 10g silver in Mumbai
    702
  • 1kg silver in Mumbai
    70,200
Show

“We expect gold to hold its key support of $1,800 per troy ounce in the international markets. At MCX, gold has support at 47,200-47,055 and resistance at 47,800-48,100. Silver has support at 68,100-67,400 and resistance at 69,100-69,800,” he said.

Jain suggests buying silver at around Rs 68,000 with a stop loss of 67,400 on a closing basis for a target of 69,500.

Track Gold price here

Trading Strategy

Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices ended lower on February 11 as the dollar halted its slide.

Domestic gold and silver prices ended in the red, tracking weak overseas prices. Gold's inability to trade back over $1,850, and for silver, the level is $28 has triggered profit-taking in both metals.

Domestic bullion could trade flat-to-marginally lower, tracking overseas markets.

Technically, MCX April gold was unable to cross 48,000 and now has reached a support zone near 47,500. Below the level, we could see a downside pressure up to 47,200-47,000. Resistance is at 47,700-47,950 levels.

MCX March silver holds resistance at 69,000, indicating a sideways to marginal downside momentum up to 68,050-66,200 levels. Resistance is at 69,000-70,500 levels.

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

COMEX gold was trading lower near $1,823  a day after declining 0.9 percent. Gold weakened as the recent decline in the US dollar index came to a halt. Also weighing on price is continuing ETF outflows and weaker inflation.

However, supporting price is the mixed US economic data, stimulus expectations, forecast of huge US debt and a renewed focus on US-China relations.

Gold is struggling to break past $ 1,850 and we may see some extended correction if the dollar manages to hold firm.

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.

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark