Gold Prices Today: Yellow metal likely to consolidate, support at around Rs 55,480

Gold, Gold prices

Gold was trading higher in the Indian and international markets on February 24 as the dollar softened and traders awaited economic data due later in the day to gauge the Federal Reserve's rate-hike stance.

At 10.50 am, gold was up 0.25 percent on the Multi Commodity Exchange (MCX) at Rs 55,725 for 10 grams, while silver was trading lower by 0.09 percent at Rs 64,292 per kilogram.

Spot gold was up 0.1 percent at $1,824.88 per ounce at 0049 GMT after hitting a two-month low in the previous session. US gold futures were up 0.3 percent at $1,831.40.

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Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities

Gold traded marginally up, a day after prices fell to their lowest in about two months after stronger than expected US weekly jobless claims numbers favoured the Federal Reserve's stance that interest rates would have to go higher to control inflation.

However, US GDP data on February 23 showed the fourth-quarter growth estimates being trimmed to a 2.7 percent annualised rate from the previously reported 2.9 percent.

Spot gold at Comex was trading up 0.2 percent at $1,825 a troy ounce in the morning trade.

We expect gold to trade in a consolidated phase in the short term within the range of $1,817-1,840. Comex spot gold has support at $1,817/1,805 and resistance at $1,840 for the day.

MCX April gold future has support at Rs 55,480 and resistance at Rs 55,940.

Rahul Kalantri, VP-Commodities, Mehta Equities

Gold and silver prices were sharply lower on February 23, with the yellow metal hitting a seven-week low and silver poised to close at a seven-week low.

There are bearish signals for metals as there are indications that the US Federal Reserve will keep interest rates higher for longer, which will have negative demand implications for the metals markets.

The US GDP report came in a little hotter than expected, which briefly pushed the US bond yields higher and supported gains in the dollar index to push gold and silver lower.

We expect gold and silver prices to remain volatile in. Gold has support at $1,808-1,795, while resistance is at $1,834-1,842

. Silver has support at $21.05-20.85, while resistance is at $21.40-21.58.

In rupee terms, gold has support at Rs 55,240-55,010, while resistance is at Rs 55,960, 56,250. Silver has support at Rs 63,950-63,520, while resistance is at Rs 64,790–65,380.

Nirpendra Yadav, Senior Research Analyst at Swastika Investmart

Precious metals prices slipped on February 23 as the Fed meeting minutes showed hawkish intentions on monetary policy. However, US preliminary GDP data remained weaker than expected, while unemployment claims remained better than expected, putting pressure on bullion.

The near-term trend may continue downward as investors wait for more cues from economic data. Gold has resistance at Rs 56,000 and support at Rs 55,000. Silver has resistance at Rs 66,200 and support at Rs 63,800.

With agency inputs

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