Gold price today, January 12: Gold prices in India registered a slight fall on Wednesday. The yellow metal shone in the last session. On January 12 at 0940 am on the Multi Commodity Exchange (MCX), gold futures fell by 0.09 per cent to Rs 47,645 per 10 grams. There was a slight change in the price of silver on Wednesday. On January 12, the precious metal futures for one kg fell 0.11 per cent to Rs 61,035.
Gold prices fell on Wednesday in the international market. Spot gold was down 0.2 per cent at $1,818.19 an ounce by 0351 GMT. US gold futures were flat at $1,818.70.
Federal Reserve Chairman Jerome Powell said on Tuesday that the economy should cope with the current COVID-19 boom with only “short-term” effects and was ready for the start of tougher monetary policy. “Inflation is running far above targets. The economy no longer needs or wants the very favorable policies that we have in place,” Powell said, adding that Federal Reserve officials need the central bank to spend nearly $9 trillion. will move quickly and rapidly reducing the U.S. balance sheet compared to previous tight cycles, but no final decision has been taken, he said. Powell further noted that policymakers are still debating the approaches, and He said that sometimes he may have to hold two, three or four meetings to take such decisions.
Gold Price Outlook: What Experts Say
Ahead of tonight’s US CPI data, international gold prices have turned flat on Wednesday morning in Asian trade. US core CPI data is expected to grow 5.4 per cent annually in December, up from 4.9 per cent in the previous month, according to a Reuters poll.
“Technically, if COMEX trades above the February level at $1813.77, it may continue its bullish run towards the level of $1827.85-$1837.15. A downside break will take the price back to the support area at $1804.43-$1790.37 levels. Looking at overseas prices, domestic gold prices may turn flat on Wednesday morning. Technically, if MCX Gold trades above Rs 47,420 in February, then it will continue its bearish momentum till the level of Rs 47,775-47,855. A break below may pull the price back towards the Rs 47,535-47,375 support area,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
“We expect gold prices to remain volatile ahead of Fed Chair testimony and US inflation data. Expectations of an early rate hike may put a damper on gold’s rally. However, a break above 47800 will halt gold’s rally. will make it stronger.
Buy Zone Near – Rs 47,600 with a target of Rs 47,950. Sell zone below – Rs 47,480 target Rs 47,300,” said Ravi Singh, VP & Head of Research
ShareIndia.
“As per the daily technical chart, both gold and silver are now trading in the demand zone. We can see a short covering rally in Bullion at any point in time with the Momentum Indicator RSI indicating the same in the hourly as well as the daily charts. Traders are therefore advised to create fresh buy positions near the given support levels, traders should focus on the below important technical levels for the day: Feb Gold Closing at 47689, Support 1 – Rs 47,500 , Support 2 – Rs 47,300, Resistance 1 – Rs 47,825, Resistance 2 – Rs 48,000. March Silver closing price is 61103, Support 1 – Rs 60,700, Support 2 – Rs 60,000, Resistance 1 – Rs 61,400, Resistance 2 – Rs 62,000,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd.
Silver Price Outlook Today
On silver price futures, Iyer said, “International silver prices have turned flat on Wednesday morning in Asian trade ahead of tonight’s US CPI data. Technically, if COMEX trades below the March $22.717 level, it may continue its bearish momentum towards the $22.575-$22.335 level. The resistance area is near the $22.955-$23.095 level. Domestic silver prices may start flat on Wednesday morning in view of overseas prices. Technically, if MCX Silver trades below the March 60970 level, it may continue its bearish momentum till the support area of Rs 60,769-60,435. The resistance zone is at Rs 60,970-61,300.
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