Gold rates today: Gold prices trade unchanged in early morning dealings on Wednesday, despite a drop in US dollar rates and a drop in the dollar index as US Fed chief Jerome Powell signalled a less hawkish stance on interest rate hikes. Yellow metal futures on the MCX for April 2023 are seeing profit taking after reaching an intraday high of Rs. 57,259 per 10 gm. Following signs from US Fed Chairman Jerome Powell regarding a less aggressive attitude on interest rate hikes, the dollar index saw profit-booking yesterday. The US dollar lost its early gains in the late Tuesday trade after Jerome Powell's speech. In fact, the dollar index started the day in the red after falling by almost 0.9% on Wednesday.
In the local market, gold prices have immediate support established at levels of Rs. 56,800 and Rs. 56,400, while in the international market, support is placed at levels of USD 1,860 and USD 1,835 per ounce. They claimed that the price of gold is encountering difficulties on the upper side at Rs. 57,700 and Rs. 58,100 levels, while it encounters difficulties on the global spot market at USD 1,890 and USD 1,920 per ounce levels. They argued that the bias is positive overall and that any decline in the price of precious metals should be viewed as a purchasing opportunity.
Senior Commodities Analyst at HDFC Securities Saumil Gandhi made the following remarks regarding gold prices in Delhi markets: "Spot gold prices increased by Rs. 128 per 10 grammes to trade at Rs. 57,275 per 10 grammes in Delhi. The day's range for gold prices is expected as investors wait for Federal Reserve Chair Jerome Powell's speech to assess the direction of the US central bank's monetary policy in light of recent higher non-farm payrolls data."
Anuj Gupta of IIFL Securities said on pivotal levels that are significant for gold prices "Gold's support levels on the MCX are Rs. 56,800 and Rs. 56,400, while its resistance levels are Rs. 57,700 and Rs. 58,100. The levels of USD 1,860 and USD 1,835 provide support for gold prices on the global market, while USD 1,890 is a level of resistance." He claimed that the general mood was optimistic and that gold prices may rise to USD 1,920 levels if they surpass the USD 1,890 per ounce levels. If the price of the priceless yellow metal on the MCX is around Rs. 57,000, he recommended local investors to purchase gold.
Gold, Silver Prices rate hike Today: 7 Feb, check rates
Gold: Right time to buy Gold , Price dips Rs.2,300 from life-time high
Gold reaches nearly Rs 59k per 10 grams, Know the price of silver