Gold prices remained stable in the international market over the level of $1800 per ounce as the rise in the dollar was countered by a small dip in the US treasury yields. The gold prices moved up by 0.26 per cent trading at the level of Rs 48,244 for 10 grams on the Multi – Commodity Exchange (MCX), at 9.40 am on December 27. Silver futures slipped by 0.13 per cent to come to the level of Rs 62,220 a kilogram.
Both gold and silver prices had settled on a positive note on Friday, December 24. Gold February futures contract moved up by 0.01 per cent to settle at $1,810.10 per troy ounce, whereas the March futures performed comparatively better and climbed up by 0.40 per cent to settle as at $22.91 per troy ounce, reported Money Control. Experts predicted that the current week could bring volatility for the precious metal’s prices due to the truncated trading in the international markets.
Manoj Kumar Jain of Prithvi Finmart Commodity Research predicted that the gold prices should test $1,830 per troy ounce and silver could also test $23.50 per troy ounce. At the MCX, gold prices had support at Rs 47,970 – Rs 47,800 and resistance at Rs 48,330 – Rs 48,500. Jain suggested that traders should buy the yellow metal on drip around Rs 48,000 with a target of Rs 48,400 and stop loss of Rs 47,780
Ravi Singh, Vice President & Head of Research, ShareIndia, had a similar prediction and suggested a buy zone near Rs 48,100 for the target prices of Rs 48, 350. He suggested a sell zone below the Rs 48,000 level with a target of Rs 47,800. Singh in his assessment said that US Treasury yields had dropped from their highest level in more than a week touched in the previous session. Weaker yields have been pushing the gold prices up and the fear of Omicron is supporting the prices at lower levels. The market conditions were favourable for the gold prices, and it could even touch the Rs 49,000 mark in the near future.
The predictions are based on the expert’s assessment of the market situation, however, before investing the money, you should understand the risk that it comes with.