Gold Rate Today: Rs 1,273/10 grams fall in yellow metal in January, Rs 3,635/kg in Silver. What should investors do?
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Comex Gold futures were trading at $2,025.30 per troy ounce, up $3.10 or 0.15% while Silver futures were trading at $22.320, higher by $0.024 or 0.110%.
The dollar index (DXY) was trading slightly lower at 103.30 against a basket of six top currencies, down by 0.03 points or 0.03%. It has declined 0.05% over the past five trading sessions.
«Gold prices held steady after a 0.4% dip on Monday, as strong US economic data reduced expectations for an early Federal Reserve interest rate cut. Investors are cautious, waiting for clues on the central bank's stance in March. Treasury yields remain high, impacting non-interest bearing gold negatively. Swaps markets suggest less than a 40% chance of a rate cut in March, down from almost 70% a week ago,» Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.
On the daily chart, MCX February Gold contract has given a breakdown of its rising channel forming a lower high lower low pattern indicating bearishness while the MACD has given a negative crossover indicating bearish sentiments, Qureshi said. Moreover, 21 DEMA crossing below the 50 DEMA suggested and RSI forming lower high and lower low patterns are added to the bearish outlook, she added.
The Anand Rathi analyst sees resistance around Rs 62,500 — Rs 63,000 while support at Rs 61,530 — Rs 61,000.
Gold has narrowed its losses to 2.02% or Rs 1,273 per 10 gram in 2024, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. Meanwhile, Silver futures have extended this year’s losses to 4.90% or Rs 3,635 from 4.13% or Rs 3,076 per kg in the last five sessions, Gupta of HDFC Securities said.
After ending 2023 with
