Gold prices declined in the morning trade in India on March 26 amid weak global cues. On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.33 percent at Rs 44,546 for 10 grams at 0940 hours. May silver futures were trading 0.09 percent down at Rs 64,812 a kilogram.
Gold prices eased and the dollar steadied in the international markets after macroeconomic indicators showed improvement in the US economy. Gold and silver slipped in the previous session amid better than expected US GDP data, decline in the unemployment claims and strength in the dollar index.
The dollar index hit a fresh four-month high after upbeat US GDP data and a decline in the unemployment claims.
The US quarterly GDP rose to 4.3 percent against expectations of 4.1 percent and unemployment claims declined to 6,84,000 against analyst expectations of 7,27,000 and previous data was 7,81,000.
Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart, expects gold and silver prices to remain volatile and due to the weekend session, some short-covering could support prices at lower levels.
"Gold is having support at $1,712-1,700 per troy ounce and resistance at $1,738-1,754 per troy ounce. Silver is having support at $24.70-24.40 per troy ounce and resistance at $25.40-25.84 per troy ounce," Jain said.
"At MCX, gold is having support at Rs 44,550-44,330 and resistance at Rs 44,880-45,050 and silver is having support at Rs 64,400-63,800 and resistance at Rs 65,500-65,800 levels. We suggest buying in the gold on dips around Rs 44,500 with a stop loss of Rs 44,330 for the target of Rs 44,950," said Jain.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Comex gold was trading mixed near $1,725/oz after a 0.5 percent decline the previous day.
Gold was rangebound as support from virus concerns, loose monetary policy stance of major central banks, selling pressure in Chinese equity markets was countered by weaker investor interest and general strength in the dollar.
Gold may witness choppy trade, reflecting mixed trade in US dollar and bond yields but general bias may be on the upside as the Fed's dovish stance may lend some support.
Sriram Iyer, Senior Research Analyst at Reliance Securities
LBMA Gold Spot supports are at $1,723-$1,715 levels. Resistances are at $1,742-$1,753 levels.
LBMA Silver Spot supports are at $24.45-$24 levels. Resistances are at $25.45-$25.75 levels.
Prices could remain rangebound ahead of the long weekend.
MCX Gold April could trade within Rs 45,000-44,500 in today’s session.
MCX Silver May supports are at Rs 63,400-62,700 levels, while resistances are at 65,500-66,200.
MCXBULLDEX March could trade within the range of Rs 14,000-14,300 levels.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.