Gold Rate Today: Range-bound yellow metal extends losses to Rs 1,200/10 grams in 2024. What should traders do?
Taking cues from the international market, MCX February gold futures were trading in the green, around Rs 62,100 per 10 grams, up Rs 104 or 0.17% from Wednesday's closing price. Meanwhile, March Silver futures were trading at Rs 72,065 per kg, higher by Rs 96 or 0.13%. Track prices here
Comex Gold futures were at $2,034 per troy ounce on Thursday, up $6.20 or 0.31% while silver futures were at $23.135, higher by $0.069 or 0.300%.
The dollar index (DXY) was trading slightly lower at 102.25 against a basket of six top currencies, down 0.11%.
It has remained steady over the past five trading sessions.
«The dollar index has recovered from lower levels after FOMC minutes stated that the time of interest rate cut is not yet confirmed. We also see thin demand for gold and silver in the physical markets,» Anuj Gupta, Head-Commodity & Currency, HDFC Securities said.
«Gold prices held steady as investors awaited a key US inflation report, which could influence Federal Reserve rate decisions. The market is cautious about early rate cuts this year. Traders anticipate turbulent trading based on upcoming US consumer price data.
If inflation eases, it may reduce expectations for Fed intervention. Higher yields on US bonds could impact gold negatively,» Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.
On the daily chart, MCX February Gold futures have given a breakdown of its rising channel, forming a lower high and lower low pattern which indicates bearishness with MACD also forming a negative crossover adding to the subdued sentiments, Qureshi said.
With 21-day EMA crossing below the 50-day EMA a bearish outlook is only corroborated, she said. The Anand Rathi analyst sees
