Getty ImagesNew Delhi: Gold prices were trading with mild gains on Thursday as the yellow metal moved in a range-bound zone, helped by a softer dollar in holiday-thinned trading. Market participants awaited economic data for further direction.
The US gross domestic product data for the third quarter and weekly US jobless claim numbers are due later in the day. Traders also await the personal consumption expenditure data scheduled on Friday, for cues on inflation.
Gold futures on MCX were trading flat, with mild gains of 0.07% or Rs 39 at Rs 55,110 per 10 grams. Silver futures ticked up by 0.03% or Rs 20 at Rs 69,729 per kg.
High interest rates have weighed on gold's traditional status as a hedge against inflation and other uncertainties this year, as they translate into higher opportunity cost of holding the non-yielding metal.
Sriram Iyer, Senior Research Analyst, Reliance Securities, said that gold and silver prices were flat as the dollar rebounded. "Lack of major triggers, though, kept the markets in a small trading band," he said.
Top bullion consumer China reported 3,030 new symptomatic COVID-19 infections on December 21, compared with 3,101 a day earlier.
In the spot market, the highest purity gold was sold at Rs 54,700 per 10 grams while silver was priced at Rs 68,177 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have jumped about Rs 1,100 per 10 grams in the last two weeks, whereas silver has breached Rs 3,500 per kg in the same period under review.
NS Ramaswamy, Head of Commodities, Ventura Securities said that the gold is steady ahead of a series of macroeconomic data later in the day. "US consumer confidence rose to an eight-month high supported by the dollar," he said.
Trading Strategy
"We expect bullion prices to remain volatile in today’s session. Gold has support at $1,805-1792 while resistance is at $1,828-1840. Silver has support at $23.82-23.55, while resistance is at $24.48-24.65," said Rahul Kalantri, VP Commodities, Mehta Equities.
In Rupee terms, gold has support at Rs 54,550-53,350, while resistance is at Rs 54,980-55,110. Silver has support at Rs 69,050-68,580, while resistance is at Rs 70,120–70,680," he added.
Global markets
Spot gold rose 0.2% to $1,818.40 per ounce as of 0225 GMT. US gold futures were up 0.1% at $1,827.70. The dollar index was down 0.2%.
Spot silver gained 0.2% to $24.00, platinum rose 0.9% to $1,007.13 and palladium was flat at $1,692.38.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The US gross domestic product data for the third quarter and weekly US jobless claim numbers are due later in the day. Traders also await the personal consumption expenditure data scheduled on Friday, for cues on inflation.
Gold futures on MCX were trading flat, with mild gains of 0.07% or Rs 39 at Rs 55,110 per 10 grams. Silver futures ticked up by 0.03% or Rs 20 at Rs 69,729 per kg.
High interest rates have weighed on gold's traditional status as a hedge against inflation and other uncertainties this year, as they translate into higher opportunity cost of holding the non-yielding metal.
Sriram Iyer, Senior Research Analyst, Reliance Securities, said that gold and silver prices were flat as the dollar rebounded. "Lack of major triggers, though, kept the markets in a small trading band," he said.
Top bullion consumer China reported 3,030 new symptomatic COVID-19 infections on December 21, compared with 3,101 a day earlier.
In the spot market, the highest purity gold was sold at Rs 54,700 per 10 grams while silver was priced at Rs 68,177 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have jumped about Rs 1,100 per 10 grams in the last two weeks, whereas silver has breached Rs 3,500 per kg in the same period under review.
NS Ramaswamy, Head of Commodities, Ventura Securities said that the gold is steady ahead of a series of macroeconomic data later in the day. "US consumer confidence rose to an eight-month high supported by the dollar," he said.
Trading Strategy
"We expect bullion prices to remain volatile in today’s session. Gold has support at $1,805-1792 while resistance is at $1,828-1840. Silver has support at $23.82-23.55, while resistance is at $24.48-24.65," said Rahul Kalantri, VP Commodities, Mehta Equities.
In Rupee terms, gold has support at Rs 54,550-53,350, while resistance is at Rs 54,980-55,110. Silver has support at Rs 69,050-68,580, while resistance is at Rs 70,120–70,680," he added.
Global markets
Spot gold rose 0.2% to $1,818.40 per ounce as of 0225 GMT. US gold futures were up 0.1% at $1,827.70. The dollar index was down 0.2%.
Spot silver gained 0.2% to $24.00, platinum rose 0.9% to $1,007.13 and palladium was flat at $1,692.38.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Pick the best stocks for yourself
Powered by
Get Unlimited Access to The Economic Times
