Gold Prices Rise in Domestic Market on Global Cues

Gold Prices Rise in Domestic Market on Global Cues

VoM News Desk | January 23, 2024 | 10:24 AM IST | Breaking News | Follow on Google News

Gold Prices Rise in Domestic Market on Global Cues/Mint

Gold Prices Rise in Domestic Market on Global Cues

Gold prices witnessed an upward movement in the morning session of trading in the domestic futures market on January 23, influenced by positive global cues. In international markets, gold prices increased as the US dollar dipped, with investors eagerly awaiting interest rate decisions from various central banks and upcoming economic data releases in the United States.

As gold is priced in dollars, a weaker dollar is favorable for the yellow metal. Additionally, expectations of potential rate cuts contribute to supporting gold prices. In the case of low-interest rates, the opportunity cost of holding gold decreases, making it more attractive.

As of 10:05 am, MCX Gold traded 0.12% higher at ₹61,964 per 10 grams. Analysts note key support levels for gold and silver in international markets at $2,000 and $22 per troy ounce, respectively. Further downside may occur if these support levels are breached.

In the Indian rupee terms, gold has support at ₹61,700-61,550 and resistance at ₹62,040-62,220, while silver has support at ₹70,350-69,800 and resistance at ₹71,250-71,700. Analysts suggest buying gold on dips around ₹61,650 with a stop loss of ₹61,440 for a target of ₹62,100.

Expecting continued volatility, gold is expected to find support at $2,000-1,988 and resistance at $2,024-2,038. Silver has support at $21.94-21.78, and resistance is at $22.30-22.45.

Brokerage firm SMC Global Securities forecasts gold to trade in the range of ₹61,700-62,000, and silver to trade in the range of ₹70,500-72,000, with a sideways to bearish bias.

VoM News Desk

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