Gold prices opened on the Multi Commodity Exchange (MCX) on Wednesday at Rs 62,453 per 10 grams and hit an intraday low of Rs 62,416. In the international market, prices hovered around $2,033.86 per troy ounce.
Meanwhile, silver opened at Rs 72,278 per kg and hit an intraday low of Rs 72,240 on the MCX. The price hovered around $23.07 per troy ounce in the international market.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices climbed to a two-week high, supported by lower treasury yields while focus turned to the Federal Reserve’s policy meeting for insight into how soon it will cut interest rates this year. The dollar index held steady, hovering around 103.40 while US 10Y Yields inched lower, hitting a two-week low.”
On the data front, consumer confidence jumped in January to a two-year high of 114.8, a survey showed, reflecting slower inflation, a record stock market and improved growth in the economy.
The number of job openings on the last business day of December stood at 9.02 million, above the market expectation of 8.75 million, showing the strength in the labour market.
Modi said, “Today’s focus will be on US private jobs data and the first fed meeting of this year. The Fed is set to meet next week and is widely expected to keep rates on hold. During its March meeting, markets were also seen pricing in a hold by the central bank, flipping earlier expectations for a 25 bps cut.”
Amit Khare, Associate Vice President at GCL Broking, said, “MCX Gold and Silver gave a positive closing yesterday. April Gold closed at 62462(0.57%), and March Silver closed at 72377(0.82%). As per the daily chart, bullions are trading near an important support zone. Momentum Indicator RSI also indicates the same; below are the important levels for the day: Gold April Support 62300/62000 and Resistance 62600/62800. Silver March Support 72000/71400 and Resistance 73000/73500.”
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