Gold Price Today Slightly Up on MCX; Is It The Right Time to Invest?

Gold maintained steadiness in the international markets as the US Treasury yield peaked due to the volatile nature of the economy induced by the surge in COVID-19 cases. As the newly-emerged Omicron variant proliferates, the safe-haven buying sentiment has become dominant, keeping the price of the yellow metal steady as of January 3, reported Money Control.

Coming to the Multi-Commodity Exchange (MCX), gold contracts saw a dip of 0.1 percent as the trading hovered at Rs 48,052 per 10 grams at 9:44 AM, and silver futures saw a dip of 0.35 percent with the trade hovering at Rs 62,440 per kilogram.

After a marginal gain of 0.8 percent in the previous session, the Commodity Exchange (COMEX) gold traded near $1826 per troy ounce. The variation in the trade of yellow metal is expected to be the result of the safe-haven buying due to the Omicron-led surge in COVID-19 cases, and the stress in the property market of China being countered and balanced by the gains in the US Dollar index.

Ravi Singh, Vice President and Head of Research, ShareIndia, has suggested that the buy zone for gold is above Rs 48,200 for target of Rs 48,500, and the sell zone is below Rs 47,900 for target of Rs 47,600, reports Moneycontrol. According to Singh, the current trading of yellow metal is tight-range and less volatile, and the daily charts’ momentum indicators show signs of possible buying surges in gold prices.

According to Ravindra Rao, Head, Commodity Research, Kotak Securities, gold shows strong upward momentum, and the evidence is the metal breaking past its recent range of $1780-$1820. However, if the dollar recovers further, it can be strenuous to build momentum.

Gold and Silver are geared up for some profit-booking, and the verdict is backed by both hourly and daily momentum indicators on charts, says Amit Khare, Research Commodities, Ganganagar Commodity Limited. Khare advises traders to focus on the important technical levels and create fresh sell positions near given resistance levels.

According to reports, the February gold closing price was Rs 48,099, while the March Silver closing price was Rs 62,660. The support for Gold varied from Rs 47,900 to Rs 47,700, while the resistance varied from Rs 48,200 to Rs 48,350. For Silver, the support varied from Rs 62,200 to Rs 61,800, while the resistance varied from Rs 62,800 to Rs 63,200.

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