MCX Gold Trading Tips For Today: The dollar index wasset forits biggest weekly drop since March 2020, lifting demand forthe greenback-priced bullion among buyers holding other currencies.
Gold prices were little changed on Friday, marginally up and set for a gain on a weekly basis. A weaker dollar, concerns over stubborn inflation and tensions surrounding Ukraine lifted demand for the safe-haven bullion.
MCX Gold futures on edged higher by 0.07 per cent or Rs 74 at Rs 47,990 per 10 grams. Silver futures were trading higher by 0.40 per cent or Rs 315 at Rs 61,045 per kg.
Gold is considered a hedge against inflation and geopolitical risks, but interest rate hikes would raise the opportunity cost of holding non-yielding bullion.
US Jobless Claims Data For Today
Gold prices traded firm on Friday as the yellow metal witnessed a volatile session following stronger dollar and strong US jobless claims data. The traders and investors are awaiting key US employment data due today.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities, said that gold trades higher supported by weaker US dollar, mixed economic numbers, inflation concerns and geopolitical risks.
“However, weighing on price is higher bond yields amid the hawkish stance of major central banks. Gold may remain in a range amid mixed factors. However, tightening expectations may keep pressure on prices,” he added.
Top Asian hubs saw firm demand for physical gold last week in the run-up to the Lunar New Year holiday, while buyers in India held off making purchases before the government announced its annual Budget.
Gold Demand in India
India’s gold demand surged to 78.6 per cent in 2021, which shows a recovery in consumer sentiments and dull demand post-Covid.
In the spot market, the highestpurity gold was sold at Rs 48,179 per 10 grams, while silver was priced at Rs 60,715 per kg on Thursday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold are back above the Rs 48,000 mark after almost a week, whereas silver has slipped below Rs 61,000 in the spot market amid weak sentiments.
Ravi Singh, Vice President & Head of Research, ShareIndia, said, “Volatility in equities and simmering geopolitical tensions between Russia and Ukraine are providing support for the haven asset.”
MCX Gold Trading Tips
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,790 and resistance at $1,820 per ounce. MCX Gold April futures support lies at Rs 47,600 and resistance at Rs 48,375 per 10 gram,” .
Bullion (Yellow) Global Markets
The Yellow metal has gained nearly 0.9 per cent so far this week. US gold futures edged 0.2 per cent higher to $1,807.50.
Among other metals, spot silver edged up 0.2 per cent to $22.43 per ounce.
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