Gold MCX Tips Today : Buy Gold For Target 49900—50800 SL Paid. Gold rallied around $15-16 during the midEuropean session and jumped to fresh dailytops, near the $1865-66 region in the last hour.
Gold traded with a mild negative bias through the early European session and was last seen hovering near daily lows, around the $1850 region.
Spot gold prices fell 1% to $1,851.50 per ounce by 10:10 a.m. EST (1510 GMT), retreating from a two-week high hit on Thursday. The metal was up 1.4% so far this week.
Gold prices have had a tough start to the New Year, with price action proving haphazard. Volatility hasn’t exploded or collapsed, leaving gold prices adrift, easily succumbing to the cross-currents presented by other asset classes, politics, fiscal stimulus speculation, and monetary policy.
Spot gold price lost some additional ground during the mid-European session and dropped to 2-day lows, aroundthe $1845 region in the last hour.
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MCX Gold yesterday settled down by 0.17% at 49448 as the U.S. dollar eased, reflecting relief over an orderly transition of power and amid bets on increased U.S. government spending under President Joe Biden’s administration.