Continuing its falling streak, gold prices in India on Thursday were trading 0.15 per cent lower at Rs 60,197 per 10 grams in the futures market, in line with the international trends. On Wednesday also, gold had traded lower on the MCX.
In the spot market also, gold prices on Wednesday declined Rs 510 to Rs 59,940 per 10 grams in the national capital amid weak global trends. The precious metal had closed at Rs 60,450 per 10 grams in the previous trade. Silver also plummeted Rs 920 to Rs 74,680 per kg.
Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “Gold and silver traded below their key levels on Thursday due to pressure from a resurgence in the dollar and mounting expectations that major central banks across the globe will keep raising interest rates in the near term.”
He added that hotter-than-expected inflation in the UK cemented expectations for more rate hikes by the Bank of England, while markets also began to price in a greater chance of more hikes by the Federal Reserve in the next two months.
“We expect gold and silver prices to remain volatile in today’s session. Gold has support at $1982-1970 while resistance is at $2012-2024. Silver has support at $24.94-24.78, while resistance is at $25.35-25.48. In rupee terms, gold has support at Rs 59,940-59,750, while resistance is at Rs 60,520, 60,690. Silver has support at Rs 74,820-74,110, while resistance is at Rs 75,950-76,450,” he said.
In the international market, gold prices inched down on Thursday, after hitting a more than two-week low in the previous session, as investors grappled with the likelihood of more interest rate hikes by central banks to contain inflationary pressures.
US spot gold was down 0.1 per cent at $1,992.23 per ounce, as of 0332 GMT. US gold futures fell 0.2 per cent to $2,004.00.
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