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Gold Prices Today: Yellow metal rates may remain choppy amid mixed cues

Moneycontrol logo Moneycontrol 25-01-2022 Sandip Das
a close up of a keyboard: Gold Prices Today: Yellow metal rates may remain choppy amid mixed cues © Kshitij Anand Gold Prices Today: Yellow metal rates may remain choppy amid mixed cues

Gold prices were steady on January 25 in the international market as concerns about a faster pace of US Federal Reserve policy tightening countered safe-haven demand fueled by escalating Ukraine tensions.

At 9.30 am, on the Multi-Commodity Exchange (MCX), gold contracts were trading higher by 0.1 percent at Rs 48,611 for 10 grams and silver futures added 0.16 percent to Rs 64,060 a kilogram.

Hawkish expectation from US Fed amid rising geopolitical issues making precious metals volatile. Two days Fed policy meeting will begin today with a widely expected hawkish tone that may put pressure on gold and silver prices. The dollar which moves opposite to gold prices has crossed 96 levels. However, the US 10-year bond yield eased ahead of the Fed meeting. On MCX, gold has resistance at Rs 48700, where profit booking is expected which may bring the prices down towards Rs 48100 levels, said Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart.

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Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades in a narrow range near $1840/oz after a modest 0.5% gain yesterday. Gold is range-bound as support from safe haven buying, weakness in equity market and lower bond yields is countered by firmness in US dollar and increased expectation for Fed’s monetary tightening. Gold ETF investors also moved to sidelines after sharp inflows last week. Gold may remain choppy amid mixed factors however firmer US dollar ahead of Fed decision may keep pressure on prices.

Ravi Singh, Vice President & Head of Research at ShareIndia

Concern over rising inflation and Russia - Ukraine discord has kept the safe haven appeal intact. Investors are mainly awaiting the US Federal Reserve’s meeting for clues on its interest rate hikes. The gold prices may see some profit booking after the Fed meeting.

Buy zone above Rs 48600 for target of Rs 48800

Sell zone below Rs 48250 for target of Rs 48000

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited

Gold and silver prices showed mixed movement on the January 24. On MCX, February gold contracts closed up by 0.65% at Rs 48,564 for 10 grams. March contract silver futures closed at Rs 63,958 a kilogram, 1.31% down. Gold and silver prices are now showing some strength again, momentum indicator RSI is also indicating the same on the hourly as well as daily chart. So traders are advised to create fresh longs near given support levels. Traders should focus important technical levels.

February gold closing price Rs 48564, Support 1 - Rs 48480, Support 2 - Rs 48300, Resistance 1 - Rs 48650, Resistance 2 - Rs 48800.

March silver closing price Rs 63958, Support 1 - Rs 63500, Support 2 - Rs 63000, Resistance 1 - Rs 64400, Resistance 2 - Rs 65000.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​

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