Gold Rate Today: Yellow metal drops Rs 1,800 from historic highs on MCX. Time to buy or sell?
MCX February gold futures were trading at Rs 62,245 at the opening time, up Rs 60 or 0.10% from Tuesday's closing price. Meanwhile, the March Silver futures were trading at Rs 75,403 per kg, higher by Rs 124 or 0.60%.
Track prices here
On Comex, Gold futures were trading at $2,038.70 per troy ounce, up by $2.40 or 0.12% while Silver futures were trading at $24.560, higher by $0.014 or 0.06%.
The dollar index (DXY) was down $0.11 or 0.10% against a basket of six top currencies and hovering around 103.94. The DXY has fallen by 1.57% in the last one month.
Off their lifetime high of Rs 64,063, the February Gold contract ended Tuesday flat at Rs 62,208, up by Rs 23 or 0.04%.
As for Silver futures, the March contract settled at Rs 75,374, down by Rs 95 or 0.13%.
«Gold prices stabilised after a recent 3% drop, with investors considering future interest rates due to a slowdown in the US job market. Concerns about inflation and the possibility of excessive rate cuts initially drove gold to a record high on Monday, but it quickly retreated.
The market now suggests a 60% chance of the Fed lowering rates in March,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily chart, the December Gold contract corrected from its all-time high to around 61,900, close to the 50% Fibonacci Retracement level, Qureshi said, adding that if it falls below Rs 62,540, a sideways to downward momentum is likely on the ambit.
