Gold Price In India: Gold futures traded higher on Monday, January 24, while silver rates fell amid muted global cues. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 0.26 per cent up at Rs 48,375, compared to the previous close of Rs 48,249. Silver futures due for a March 4 delivery were last seen 0.11 per cent lower at Rs 64,733 against the previous close of Rs 64,806.
Foreign Exchange Rates:
Globally, gold prices were little changed as investors awaited the U.S. Federal Reserve’s meeting for clues on its interest rate hikes, while concerns over inflation and Russia-Ukraine discord kept bullion’s safe-haven allure intact.
Spot gold was flat at $1,836.21 per ounce. U.S. gold futures were up 0.3 per cent to $1,836.80.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices in India have capped its downside compared to the fall in COMEX gold prices because of some relief from rupee depreciation. The Fed is the key factor to determine gold price trends as Covid worries are diminishing. Gold prices traded under pressure after the Fed announced hikes in key interest rates by 2023. We expect gold to remain bullish this week.”
He suggested, “Buy Zone near – Rs 48,000 for the target of Rs 48,300. Sell Zone below – Rs 47,800 for the target of Rs 47,600.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Gold and silver prices are showing some profit booking on daily technical chart. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to book their longs and can create fresh sell near given resistance levels. They should focus on important technical levels given for the day: February Gold closing price Rs 48,249, Support 1 – Rs 48,140, Support 2 – Rs 48,000, Resistance 1 – Rs 48,350, Resistance 2 – Rs 48,500. March Silver closing price Rs 64,806, Support 1 – Rs 64,350, Support 2 – Rs 64,000, Resistance 1 – Rs 65,000, Resistance 2 – Rs 65,400.”