Gold Prices Today: Yellow metal to edge higher despite rise in yields, investors can buy on dips amid macro concerns

Gold, Gold Prices, Yellow Metal

Gold was flat on February 23 in international markets holding near a nine-month high hit in the last session, as safe-haven demand was offset by a rise in Treasury yields following the first wave of US and European sanctions on Russia for sending troops into eastern Ukraine.

At the Multi-Commodity Exchange (MCX), gold contracts were trading lower by 0.29 percent at Rs 50,182 for 10 gram at 9.38 am and silver shed 0.19 percent to trade at Rs 64,220 a kilogram.

Gold and silver soared as Russia broke international rules by recognising two breakaway regions of Ukraine. European countries have started to impose sanctions on Russia which may further boost safe-haven demand. However, precious metals gave away all gains after US data came in stronger than estimated. The day trend in bullion still looks upside and buying is likely to be seen from lower levels. Gold has support at Rs 49700 and resistance at 50300, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

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Rahul Kalantri, VP, Commodities, Mehta Equities

Gold and silver gained on Tuesday due to safe-haven buying after escalating Russia-Ukraine tensions. Traders in the US markets returned after a long week-end and preferred safe-haven assets in war situation. We expect both precious metals to remain volatile in today’s session but continue to hold support levels. Gold has support at $1896-1884 while resistance at $1922-1934 per troy ounce. Silver has support at $24.00-23.66 and resistance at $24.60-24.88 per troy ounce. On MCX, gold has support at Rs 50,028-49,727 and resistance at Rs 50,658–50,987. Silver has support at Rs 63,895- 63,446 and resistance at Rs 64,769-65,194.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades marginally lower near $1900/oz after a modest 0.4% gain in previous session when it tested fresh June 2021 highs. Gold eased back from recent high as market reaction to Russia-Ukraine tensions subsided as western reaction to Russia’s troop movement was not seen as severe. US bond yields bounced back from lows while US dollar index shed some of the recent gains. ETF investors also moved to the sidelines. Gold has retreated after failing to break past the $1920/oz level and we may see volatile trade as market players react to developments relating to Russia but the general bias remains positive as geopolitical tensions are unlikely to subside soon.

Manoj Kumar Jain of Prithvi Finmart Commodity Research

Gold and silver gained on February 22 amid escalating Russia-Ukraine tensions. Both precious metals settled on a positive note in international markets. We expect both precious metals to remain volatile in today’s session but continue to hold support levels. Any decline in prices would be an opportunity for buying at lower levels. Gold has support at $1896-1884 per troy ounce and resistance at $1922-1934 per troy ounce while silver has support at $24.00-23.66 per troy ounce and resistance at $24.60-24.88 per troy ounce.

At MCX, gold has support at Rs 50050-49880 and resistance at Rs 50550-50800 while silver has support at Rs 63900-63500 and resistance at Rs 64800-65300 levels. We suggest buying gold on dips around Rs 50050 with a stop loss below Rs 49770 on a closing basis for target of Rs 50700.

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