Keeping an eye on the global market, a sharp fall in gold prices was recorded in India on Thursday. Gold prices in the international market fell after minutes of the last Federal Reserve meeting showed that the US central bank may need to raise interest rates sooner than expected. On the Multi Commodity Exchange (MCX), the gold contract fell by 0.51 per cent to Rs 47,775 at 9.28 am on January 6. On Thursday, silver also saw a sharp decline. The futures of the precious metal fell 1.41 per cent to Rs 61,360 per kg on January 6.
Spot gold was trading lower by 0142 GMT at $1,810.59 an ounce. US gold futures fell 0.8 percent to $1,810.00. In minutes of the Fed’s December 14-15 policy meeting, US central bank policymakers said a “very tight” job market and unabated inflation should prompt the Fed to start raising rates and reducing its overall asset holdings sooner than expected. may fall.
The benchmark US 10-year Treasury yield hit its strongest level since April 2021. The dollar cut losses after Fed minutes, making the yellow metal less attractive to other currency holders.
“Gold prices are trading in a tight range following the release of the December Federal Reserve meeting minutes, indicating the possibility of an earlier and sharper rate hike due to rising inflation. Omicron’s worries are also increasing day by day, weakening the economic recovery. Buy Zone Above – Rs 48,500 with target of Rs 48,200. Sell zone below – Rs 47,800 target of Rs 47,800,” said Dr Ravi Singh, Vice President and Head of Research at ShareIndia.
“Both Gold and Silver are showing weakness as per the daily technical chart, Momentum indicator RSI is also showing similar signals in the hourly and daily charts. Traders are therefore advised to create fresh sell positions near the given resistance levels, traders should focus on the following key technical levels for the day: February Gold Close at Rs 48,021, Support 1 – 47,800 Rs, Support 2 – Rs 47,600, Resistance Rs 1 – 48,100, Resistance 2 – Rs 48,300. March Silver closing price is Rs 62,238, Support 1 – Rs 61,800, Support 2 – Rs 61,000, Resistance 1 – Rs 62,400, Resistance 2 – Rs 62,800,” Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited
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