'Gold prices to remain volatile this week ahead of budget'
gold prices will remain volatile this week, ahead of the Union Budget, which will be tabled on February 1. In the physical market, gold traded at Rs 80313 per 10 gm on Tuesday.
On the MCX, gold was trading at Rs 79,950 per 10 gm, up by Rs 380 from Monday.
Jateen Trivedi, VP Research Analyst — Commodity and Currency of LKP Securities, said, «Gold exhibited a positive movement with a gain of Rs 380, trading at Rs79,950 in MCX, supported by a weaker rupee. In the international market, Comex gold found strong support near $2,735, maintaining its upward momentum.”
“The upcoming U.S. Federal Reserve policy decision and India's Union Budget are critical events, keeping participants cautious and focused on potential developments. These events are likely to drive volatility in the gold market, with near-term support seen around Rs 79,000 and resistance at Rs 80,600 in the domestic market,» he said.
Deveya Gaglani, Senior Research Analyst-Commodities, Axis Securities, added that MCX Gold prices drifted lower in the last session due to a pullback in the dollar index, which prompted booking in the yellow metal following its record level.
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