Gold was trading lower in the Indian market on January 27 even as global prices remained largely changed as traders awaited US inflation data, due later in the day, to gauge the Federal Reserve's stance on interest rate hikes.
At 9.51 am, gold was trading 0.45 percent lower on the Multi Commodity Exchange (MCX) at Rs 56,705 for 10 grams, while silver added 0.1 percent to Rs 68,743 a kilogram.
Spot gold was flat at $1,927.99 per ounce at 0234 GMT, while US gold futures were off 0.1 percent at $1,928.30.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver settled mixed in the international markets on January 26. Both metals saw extreme volatility, with gold retreating after hitting a nine-month high of $1,949.16, while silver traded at around $24.
Upbeat US data supported the dollar index and the US 10-year bond yields. The dollar index recovered from its lows and pushed gold prices lower.
The US 10-year bond yields crossed 3.5 percent levels once again. However, silver gained due to an uptick in industrial metals.
We expect gold and silver to remain volatile on January 27. Gold has support at $1,920-1,908 and resistance at $1,951-1,964. Silver has support at $23.52-23.35, while resistance is at $23.98-24.15.
In rupee terms, gold has support at Rs 56,780-56,610 and resistance at Rs 57,140, 57,280. For silver, support is at Rs 68,050-67,520 and resistance at Rs 69,450–69,980.
Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver prices settled mixed in the international market on January 26. The February gold futures contract settled at $1,930, down 0.65 percent. The March silver futures contract settled at $24.02, up 0.33 percent.
Domestic markets had settled on a positive note on January 25 but and were closed for the Republic Day holiday the next day.
We expect gold and silver prices to remain volatile ahead of the US PCE price index data. Gold has support at $1,918-1,910, while resistance is at $1,944-1,955 per. Silver has support at $23.70-23.55, while resistance is at $24.34-24.70.
On MCX, gold has support at Rs 57,300-57,080 and resistance at Rs 57,620-57,800, while silver has support at Rs 68,220-67,750 and resistance at Rs 69,100-69,660.
We suggest buying silver on dips around Rs 68,220 with a stop loss of Rs 67,750 for a target of Rs 69,350.
With agency inputs
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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