Gold Price Today: Gold Edge Higher; Resistance At 48220

Gold Price Today: India Gold MCX February futures trade higher on Wednesday, following positive trend seen in the international spot prices as US Treasury yields ease from their recent highs.

Gold Price Today: Gold Edge Higher

Benchmark 10-year and 30-year US Treasury yields pulled back from their one-week highs hit on Tuesday, said a Reuters report. On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.15 per cent higher at Rs 48,134 per 10 grams at 0915 hours.

The March silver futures were trading 0.08 per cent lower at Rs 61,778 a kilogram. Silver and gold price today recovered from their lows. Both the precious metals were settled on a positive note in the international markets. Gold February futures contract settled at $1784.70 per troy ounce and silver March futures contract settled at $22.52 per troy ounce. Both the precious metals settled on a positive note in the domestic markets.

Easing fear of Omicron supported global equity markets and cap gains of precious metals. Gold and silver prices were also struggling at higher levels in anticipation of faster tapering by the US Federal Reserve and raising interest rates sooner than expected, suggest experts.

“Market is waiting for the Federal Reserve policy stance after this week’s US consumer inflation data. We expect both the precious metals to remain volatile in today’s session and gold prices could face steep resistance around $1800 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“Gold price today has support at $1772-1758 per troy ounce and resistance at $1800-1812 per troy ounce; silver is having support at $22.30-22.00 per troy ounce and resistance at $22.84-23.10 per troy ounce,” he said.

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Gold Price Today: Gold Edge Higher; Resistance At 48220 via @marketinvestor
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