Gold Prices Today: Yellow metal prices to stay range-bound amid volatility, support around Rs 55,240-54,980

Gold prices dipped on Tuesday in the international markets and were poised for a monthly decline of about 6 percent as the prospects of further interest rate hikes from the US Federal Reserve continued to weigh on the zero-yielding asset's appeal.

Spot gold was down 0.1 percent at $1,816.33 per ounce, as of 00:52 GMT, after hitting a two-month low on Monday. US gold futures were flat at $1,824.70.

At 09:41 am, gold was down 0.17 percent on the Multi Commodity Exchange (MCX) at Rs 55,380 for 10 grams, while silver was trading lower by 0.06 percent at Rs 62,925 per kilogram.

Track Live Gold Prices Here

Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One

After wrapping up the previous week on a lower note, gold prices began the new week on a positive note, gaining about half a percent to end at $1817.3 per ounce. Even though gold rose on February 27, it remains on course for a 6 percent monthly fall as the likelihood of future interest rate hikes from the US Federal Reserve weighed on the zero-yielding assets appeal.

The dollar index has dropped from a seven-week high, making bullion less expensive for buyers holding other currencies.

We expect gold to trade lower towards Rs 55,250 levels, a break of which could prompt the price to move lower to Rs 55,080 levels.

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices witnessed mixed trends in a volatile session on February 27 after mixed US economic data. Gold prices were moderately higher on short covering in the futures market after dropping to a nine-week-low in overnight dealings. Silver prices were weak and hit a near-four-month low on February 28. The dollar index witnessed profit-taking at higher levels, which supported gold prices.

We expect gold and silver to remain volatile in today's session. Gold has support at $1,804-1,792 while resistance is at $1,828-1,836. Silver has support at $20.52-20.40, while resistance is at $20.95-21.15. In rupee terms, gold has support at Rs 55,240-54,980, while resistance is at Rs 55,760, 55,950. Silver has support at Rs 62,450-62,020, while resistance is at Rs 63,590–64,180.

Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher on February 28. Spot Gold prices at Comex were trading up by 0.11 percent at $1,819 per ounce in the morning trade. Gold prices recovered from a two-month low. The dollar index retreated from a seven-week high and traded flat on Tuesday helped by a recovery in yellow metals. On the macro front, new orders for key US manufactured capital goods increased the most in five months in January.

We expect gold prices to consolidate within the range of $1,807-1,833 per ounce in today's session. Comex spot gold has support at $1,805-1,793 per ounce for the day. MCX Gold April future has support at Rs 55,180 per 10 gram and resistance at Rs 55,780 per 10 gram.

NS Ramaswamy, Head of Commodities, Ventura Securities

COMEX gold is trading in a narrow range in early trade on concerns over rising interest rates and anticipation of key US economic readings this week. The dollar index is trading below the 105 level. Market participants will now focus on Chinese PMI data due on March 1 and US Purchasing Managers Index (PMI) readings for February. COMEX gold has support near $1,816 while resistance is at $1,831.

(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.​