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Gold Prices Today: Precious metal to remain volatile as investors await US inflation data

Gold has support at Rs 55,640-55,450 and resistance is at Rs 56,120, 56,350. Silver has support at Rs 68,450-68,020, while resistance is at Rs 69,520–69,980, says Rahul Kalantri of Mehta Equities

January 11, 2023 / 10:42 AM IST
Representative image

Representative image

Gold was trading flat in Indian as well as international markets on January 11 morning as traders awaited key US inflation data due the next day to gauge the Federal Reserve's rate hike stance.

At 10:30 am, gold was trading 0.02 percent higher on the Multi Commodity Exchange (MCX) at Rs 55,725 for 10 grams. Silver added 0.3 percent at Rs 68,565 a kilogram.

Spot gold was little changed at $1,876.49 a troy ounce, at 0023 GMT, while US gold futures were up 0.3 percent at $1,881.30.

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Rahul Kalantri, VP Commodities, Mehta Equities

On January 10, gold traded steady, while silver prices were marginally weak on normal corrective pullbacks and consolidation after recent gains. A firm US dollar index and an uptick in the US treasury yields weighed negatively on bullion prices.

Even though US Federal Reserve chairman Jerome Powell's speech did not seem more aggressive than earlier, the market is still reading Fed officials' remarks as hawkish on US monetary policy, including a "higher for longer" interest rate scenario.

We expect gold and silver to remain volatile on January 11, a day ahead of the release of US inflation data. Gold has support at $1,858-1,845, while resistance is at $1,885-1,898. Silver has support at $23.48-23.32, while resistance is at $23.92-24.10.

In rupee terms, gold has support at Rs 55,640-55,450, while resistance is at Rs 56,120, 56,350. Silver has support at Rs 68,450-68,020 and resistance at Rs 69,520–69,980.

Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel One

The yellow metal continues to shine brighter, as it added up to its gains from the previous sessions. It ended 0.30 percent higher and concluded at $1,877.3. Investors refrained from making large bets ahead of key US inflation data due later this week.

Gold is considered an inflation hedge but is highly sensitive to rising interest rates, which increases the opportunity cost of holding the non-yielding bullion. The weakness in the dollar, which is hovering near a seven-month low, will keep prices underpinned.

(With agency inputs)

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Sandip Das
first published: Jan 11, 2023 10:42 am