Gold prices today lengthy New Year’s gains by edging closer to all-time highs. On MCX, gold stocks were up 0.7% to ₹55,975 per 10 grams though silver rose 0.3% to ₹70,135 per kg. In August 2020, gold needed hit highs of ₹56,200 amid the covid catastrophe. After posting strong gains in the final neighborhood of 2022, global gold rates have edged higher in the New Year through a spot rate today up 0.3% at $1,844.85 per ounce, supported by a tieback in the dollar. But traders remained cautious as they anticipated minutes from the Centralized Reserve’s December policy meeting.
Gold broadly has been in a bullish trend since October 2022 on the back of recession fears. Spot silver in global markets rose 0.4% to $24.08.
Bullion is witnessing safe-haven requests at the start of the new year and technical buying amid muscular charts. Risk aversion is seen initially this week as global stock markets remain wobbly amid concerns around weakening economic growth in 2023 for major industrialized republics,” said Rahul Kalantri, VP of Commodities, Mehta Equities Ltd.
Benchmark U.S. 10-year Treasury harvests were near their lowest in a week, reducing the opportunity cost of land non-yielding gold. The market focus is now on the announcement on Wednesday of the minutes from the Fed’s Dec. 13-14 policy conference and other expected economic data this week. He added that we expect gold and silver prices will continue to volatile in today’s session ahead of the FOMC meeting minutes report,” he added.
Gold, given to Rahul Kalantri, has support at $1828-1817 while confrontation is at $1855-1868. Silver has a provision at $23.72-23.55, while confrontation is at $24.30-24.48.
“In rupee terms, gold has sustenance at ₹55,240-55,050, while resistance is at ₹55,680, 55,850. Silver has sustenance at Rs69,450-68,980, while confrontation is at Rs70,420–70,780,” he said.