Gold price today | Yellow metal trades lower buy on dips for target of Rs 45,150: Experts

Domestic gold and silver prices may trade lower on March 23 morning tracking overseas prices.

India Gold MCX April futures trades lower on March 23, tracking muted trends seen in the international spot prices.

On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.20 percent at Rs 44,815 for 10 grams at 0920 hours. May silver futures were trading 0.46 percent lower at Rs 66,024 a kilogram.

Gold and Silver plunged on Monday amid stabilizing global equities and strength in Bitcoin. Both the precious metals settled on a weaker note in the international markets.

Gold April futures contract settled at $1738.10 per troy ounce, and Silver May futures contract settled at $25.77 per troy ounce. Both the precious metals also settled on a weaker note in the domestic markets.

Gold and silver plunged after the statement of the US Federal Reserve Jerome Powell said that crypto could be a substitute of gold and not of a dollar. The dollar index gets support from the weakness in the Turkish lira.

“We expect both the precious metals remain volatile in the March 23 session and could find support at lower levels. Gold has support at $1726-$1,712 per troy ounce and resistance at $1,752-$1,764 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart, told Moneycontrol.

“At MCX, Gold has support at Rs 44,660-44,500 and resistance is placed at Rs 45,,150-45,300 and Silver has support at Rs 65,800-65,500 and resistance at Rs 67,000-67,600 levels. We suggest buying in the gold on dips around Rs 44,700 with a stop loss at Rs 44,500 for the target of Rs 45,150,” he said.

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Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver prices ended flat to marginally lower in a choppy trading session on Monday.

Domestic gold and silver ended in the red on Monday. The US Treasury yields and the US Dollar extended losses on Monday and capped the downside.

International spot gold and silver prices have started weak this Tuesday morning in Asian trade, dragged down by gains in equity markets and the dollar, although concerns around fresh corona virus cases across Europe limited losses.

Domestic gold and silver prices may trade lower on March 23 morning tracking overseas prices. Technically, MCX Gold April supports are at Rs 44800-44500 while resistances are at Rs 45130-45320.

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