In the last fortnight, gold prices have gained nearly 6.5 percent on Comex – the platform for precious metal F&O trades - while silver has seen a rally of more than 10 percent.
Analysts said that if the US Federal Reserve keep raising rates, gold may struggle to reach near its record highs.
Prithvi Finmart's Manoj Jain suggests buying gold on dips around Rs 60,000, with a stop loss of Rs 59,700 for the target of Rs 60,550
On MCX, gold is seen supported at Rs 59,800-59,580 per 10 grams and resistance at Rs 60,220-60,500
Manoj Kumar Jain of Prithvi Finmart suggests buying MCX gold on dips around Rs 59,600 per 10 grams with a stop loss of Rs 59,330 for the target of Rs 60,060.
The sentiment, however, remains upbeat. Concerns about a possible recession, failing banks and collapsing dollar could propel gold prices on MCX to a record high of Rs 65,000 , says Axis Securities's Pritam Patnaik
Expectations of more interest rate hikes have pushed up the dollar and boosted yields on US treasury bills, which, in turn, weighed on precious metals such as gold
Amid talks about the US Fed pausing its rate-hike cycle in May, recent economic data have suggested that the country's economy is still resilient and that the central bank may have more headroom to raise rates
Gold prices are above the psychologically important mark of $2,000 per ounce on COMEX and Rs 60,000 per 10 grams on the Multi Commodity Exchange of India. Experts believe prices are likely to consolidate above these levels for the time-being.
Emkay Wealth Management says that the only risks to gold’s upside are a stronger dollar and the Federal Reserve continuing to raise interest rates in the US
In order for inflation to be conquered, economic pain will have to be weathered and that should support the bullish case for gold, says OANDA’s Ed Moya
Gold’s bullish outlook remains intact, but it seems prices may be stuck in a consolidation phase until there is a clearer outlook for the US economy, experts said
Gold prices on COMEX are expected to remain volatile this week ahead of the US inflation data and could hold its support level of $1,984 per ounce, says Prithvi Finmart’s Manoj Jain.
Last week, positive US jobs data, coupled with a fall in unemployment rate in the country weighed on gold’s safe-haven appeal.
Demand for gold has never been better since recession risks have not been this high in decades, while banking concerns remain amid pessimism in equity markets, says OANDA’s Ed Moya
Gold prices on COMEX are inching towards the record high touched last year as poor manufacturing data from the US, coupled with signs of a cooling jobs market supported safe-haven demand.
Manoj Jain of Prithvi Finmart suggests buying MCX gold on dips around Rs 59,650 per 10 grams with a stop loss of Rs 59,330 for a target of Rs 60,100.
Gold Price Today: Selling pressure is expected in precious metals if prices rise towards resistance levels.
At MCX, gold has support at 47,000-46,800 and resistance at 47,330-47,580; silver has support at 63,100-62,600 and resistance at 63900-64400 levels.
Jain suggests buying in gold on dips around Rs 46,800 with a stop loss of Rs 46,500 for the target of Rs 47,400 and in silver around Rs 62,900 with a stop loss of Rs 62,200 for the target of Rs 64,400
At MCX, Gold has support at 45800-45550 and resistance at 46100-46330; silver is having support at 62200-61700 and resistance at 63100-63600 levels.
Gold has once again corrected after failing to sustain above 1836/oz level but is still holding above $1800/oz level. Gold may remain volatile along with equities however we may see some recovery if US non-farm payrolls data disappoints.
Gold has support at 47,660-47,500 and resistance at 48,000-48,155. For silver, support is at 67,500-67,100 and resistance at 68,200-68,600, say experts
Gold price today: It has support at Rs 47,850-47,660 and resistance at Rs 48,300-48,550; silver has support at Rs 67,500-67,200 and resistance at Rs 68,200-68,600 levels, suggest experts.
Gold has support at Rs 48,055-47,800 and resistance at Rs 48,500-48,720. Silver has support at Rs 67,700-67,100 and resistance at Rs 68,500-69,100 levels, suggest experts.