Gold Prices Today: Precious metal may edge up as US consumer confidence dips

Gold prices edged lower on Wednesday in the international markets as the dollar ticked up, while investors braced for more US interest rate hikes amid stubbornly high inflation.

Spot gold was down 0.2 percent at $1,824.06 per ounce, as of 0047 GMT. US gold futures fell 0.3 percent to $1,831.30.

At 9:41am, gold was down 0.15 percent on the Multi Commodity Exchange (MCX) at Rs 55,670 for 10 grams, while silver was trading higher by 0.47 percent at Rs 64,083 per kilogram.

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Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices traded higher on Tuesday amid short covering and perceived bargain hunting after the yellow metal had hit a nine-week low and silver a near four-month low overnight. A downbeat US consumer confidence index released yesterday was the catalyst that started the rebound in both the metals.

We expect gold and silver to remain volatile in today’s session. Gold has support at $1816-1802 while resistance is at $1836-1845. Silver has support at $20.82-20.70, while resistance is at $21.24-21.40. In rupee terms, gold has support at Rs 55,580-55,410, while resistance is at Rs 55,980, 56,150. Silver has support at Rs 63,450-62,920, while resistance is at Rs 64,490–64,880.

Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities

Gold prices advanced on Wednesday. Spot Gold prices at comex were trading up by 0.13 percent at $1829 per ounce in the morning session. Gold prices erased earlier losses and settled up by 0.54 percent in the previous session. However on monthly basis, prices posted biggest monthly decline since June 2021 as a stronger US dollar and fears that the US Federal Reserve would keep raising interest rates at aggressive pace. Gold prices moved higher after weaker than estimated US consumer confidence data on Tuesday. US Consumer confidence index unexpectedly dropped to 102.9 in February from 106.0 in January.

We expect gold prices relief rally likely to extend to $1840 per ounce in today’s session. Comex spot gold has support at $1819-1805per ounce and resistance at $1840-1855 per ounce for the day. MCX Gold April futures has support at Rs 55,300 per 10 gram and resistance at Rs 55,980 per 10 gram.

Nirpendra Yadav, Senior Research Analyst at Swastika Investmart

Precious metals rose as the US CB consumer confidence index fell to 102.9 from 106.0 the previous month. The Al-Nino effect forecast by the India Meteorological Department on the monsoon may cause the RBI's hawkish monetary policy to be paused in the coming quarters, supporting bullion prices.

Today's trend may remain on the upside in bullion, and buying is expected at support levels. Gold has support at Rs 55,500 and resistance at Rs 55,800. Silver has support at Rs 63,900 and resistance at Rs 64,500.

Deveya Gaglani, Research Analyst- Commodities, Axis Securities

Gold prices rallied in the last session as the dollar index weakened after weaker-than-expected Consumer Confidence data. The data print surprisingly came at 102.9 against the expectation of 108.5. The Fed may be hesitant to adopt an aggressive rate hike stance after weak no. This uncertainty uplifted precious metals. Comex Gold is nearing the resistance zone of the $1840 level.

Investors are waiting for ISM Manufacturing PMI and ISM services PMI which will be released this week tp take further cues from Fed. In the domestic market, resistance zone is seen around Rs 55,950 and support is placed around Rs 55,500

(With agency inputs)

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