The India Gold MCX December futures trade higher on Tuesday, following the positive trend seen in international spot prices.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading 0.26 percent higher at Rs 47,709 for 10 grams at 9:30 am December silver futures were trading were trading up 0.26% to Rs 61,798 per kilogram.
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Gold and silver prices fell on Monday amid a rebound in the dollar index and US bond yields. Both precious metals were set on a lower note in international markets.
The February gold futures contract is $ 1,785.20 per troy ounce and the March silver futures contract is $ 22.85 per troy ounce. Due to the weakness of the rupee, domestic markets were settled on a mixed note.
Gold and silver showed high volatility on Monday and were unable to hold higher levels amid a rebound in the dollar index, US bond yields and gains in US stock markets , suggest the experts.
Reports now indicate that the Omicron strain may be milder than previous ones, and that the vaccines are likely to work on the new variant but may require adjustments.
âWe expect precious metals to remain volatile amid volatility in the dollar index and safe-haven buying at lower levels. Gold has support at $ 1772-1758 per troy ounce and resistance at $ 1796-1810 per troy ounce; silver has support at $ 22.66-22.40 per troy ounce and resistance at $ 23.10-23.40 per troy ounce, âsaid Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research.
âAt MCX gold has support at 47800-47580 and resistance at 48100-48350; silver has support at 62100-61660 and resistance at 62900-63300, âhe said. Jain suggests buying silver above 62,400 with a stop loss of 61900 for the target of 63,300.
Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities
Domestic gold prices could start flat on Tuesday morning, following a flat start in overseas prices.
Technically, if MCX Gold February trades above the 48100 level, it will continue its positive trend up to the 48240-48490 levels. The support area is at levels 47850-47710.
International silver spot prices started to stagnate slightly higher on Tuesday morning in Asian trade.
Technically, if the COMEX Silver March trades above the $ 23.030 level, it could witness bullish momentum up to levels of $ 23.285 to $ 23.715. Support is at the levels of $ 22.600 to $ 22.345.
Domestic silver prices could start flat at slightly higher on Tuesday morning, following a positive start in foreign prices.
Technically, if MCX Silver March trades above the 62800 level, it could witness some bullish momentum to the 63380-64320 levels. Support is at the 61860-61285 levels.
Ravindra Rao, CMT, EPAT, Vice President – Head of Commodity Research at Kotak Securities
COMEX gold is trading slightly higher near $ 1,790 / oz after falling 0.2% yesterday. Gold remains limited as market participants have sidelined themselves pending further clarity on the virus front and whether this will affect the monetary policy stance of the Fed and other central banks. Gold may remain volatile as market participants assess the virus situation; However, buying safe havens can keep prices strong.
(Disclaimer: The opinions / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)