Gold Prices Today: Renewed COVID fears likely to drive yellow metal up

Asia's Tech News Daily

#Commodities

Gold Prices

Gold was set on November 26 for its worst week in five months, as prices were hammered by increasing bets that the US Federal Reserve would accelerate stimulus tapering, and raise interest rates sooner to curb inflation.

On the Multi-Commodity Exchange (MCX), the gold contracts were up 0.41 percent to Rs 47,614 for 10 grams at 9.38am on Friday. Silver futures shed 0.06 percent to Rs 63,115 a kilogram.

COMEX gold trades modestly higher near $1,797/oz supported by safe haven buying on the back of the emergence of a new variant of COVID virus. A drop in US bond yields and pause in the US dollar index are also supporting the price.

Rise in Chinese imports showed a robust demand for gold. Lack of investor interest and increased anticipation of of Fed’s monetary tightening, however, weighed on the prices. Gold may trade higher as the market reacts to new virus-related development. A sharp rise is though unlikely with focus still on Fed, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, at Kotak Securities.

Trading Strategy

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Precious metals traded sideways overnight and slightly flattening US bond yield let it close flat. Prices look oversold at this level and a bounce is expected. The dollar index remained down 0.13 percent in the previous trading session which may support uptick.

On the MCX, gold has support at Rs 47,250 and is likely to test resistance levels of Rs 47,850-48,000. Strong industrial metals may push silver prices towards Rs 64,000.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver traded steady in the international markets on Thursday, due to holiday in the US markets. Both the precious metals were unchanged in the international markets. We expect gold prices to test $1,800 per troy ounce and silver prices could test $24 per troy ounce in the upcoming sessions. Gold has support at $1,772-1,758 per troy ounce and resistance at $1,796-1,810 per troy ounce, while silver has support at $23.20-22.94 per troy ounce and resistance at $23.80-24.10 per troy ounce.

On the MCX, gold has support at Rs 47,250-47,100 and resistance at Rs 47,660-47,850, while silver has support at Rs 62,660-62,220 and resistance at Rs 63,600-64,100. We suggest buying gold above Rs 47,400 with a stop loss at Rs 47,180 for a target of Rs 47,800 and silver around Rs 62,900 with stop loss at Rs 62,500 for a target of Rs 64,000.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Wall St tumbles on sliding tech stocks

Wall Street's main indexes have tumbled as heavyweight technology stocks dropped on expectations of a high interest rate environment, which pushed US Treasury yields to fresh two-year highs and supported ... Read more »

Bio, entertainment, game shares on decline due to U.S. monetary tightening

gettyimagesbank By Lee Kyung-min Bio, entertainment and game shares are expected to undergo some adjustments, as tempered by monetary tightening steps by the U.S. Federal Reserve in a gradual normalization ... Read more »

Young people skip insurance amid low financial benefits, low marriage rate

gettyimagesbank By Yi Whan-woo Low financial returns of insurance products in the long term as well as increased tendency to remain single and live alone are resulting in a reduction ... Read more »

Australian sharemarket dips slightly but energy, mining stocks help limit losses

The Australian sharemarket closed slightly lower after a weak lead from Wall Street, with most sectors in the red but materials, energy and utilities helped limit the losses. The benchmark ... Read more »

Gold Price Today: Yellow metal likely to see short-covering rally, all eyes on US inflation data

Gold was marginally down in the Indian market on the morning of January 10 as international prices hovered near a three-week low with traders waiting for December US inflation data ... Read more »

TCS trades about 3.5% higher after buyback announcement

Shares of Tata Consultancy Services Ltd (TCS) on Monday surged about 3.5% after the firm said its board will consider buyback of shares on 12 January. The stock touched a high of ... Read more »

In charts - Should you invest in Gold ETFs or Silver ETFs?

ICICI Mutual Fund launched India’s first silver ETF on January 5, 2022, and plans to launch a FoF (fund of fund) on January 13, 2022. Nippon India MF and Aditya ... Read more »

Petrol, diesel prices today on January 10: Check rates in Delhi, Mumbai and other cities

In Delhi, the petrol price remained unchanged and retailed at Rs 95.41 a litre. (Representative image) Petrol and diesel prices remained unchanged on January 10, according to a price notification ... Read more »

Foreigners continue to be net buyers of Korean securities in December

gettyimagesbank Foreigners continued to be net buyers of South Korean stocks and bonds in December, data showed Monday. According to the data from the Financial Supervisory Service (FSS), foreigners picked ... Read more »

Asia shares muted before US inflation test

Asian share markets are subdued as investors count down to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve, lifting ... Read more »

Wall Street, Nasdaq start 2022 with falls

Wall Street has wrapped up the first week of the new year with daily and weekly losses as investors worried about looming US interest-rate hikes and unfolding Omicron news. The ... Read more »

[Reporter's notebook] Kakao's 'innovation' of management ethics and morals

Kakao Pay CEO nominee Ryu Young-joon. Korea Times file By Lee Kyung-min We judge people. We judge them by their words mostly because it’s quicker and easier, unlike actions which ... Read more »

Seoul bourse to provide capital market data in English

The Korea Exchange office on Yeouido, Seoul / Courtesy of Korea Exchange South Korea’s bourse operator said Sunday that it will launch a domestic capital market information portal in English ... Read more »

Austem falls victim to Osstem Implant scandal

Investor confusion about the names of Kosdaq-listed firms By Park Jae-hyuk A recent controversy over an Osstem Implant employee’s alleged embezzlement of 188 billion won ($156 million) from his company ... Read more »

Wall St subdued following soft jobs data

Wall Street's main indexes opened muted after data pointed to weaker-than-expected job growth last month, while banking shares extended gains and battered technology stocks bounced from sharp declines suffered this ... Read more »

Sanathan Textiles files draft papers with Sebi to raise up to Rs 1,300 crore via IPO

Sanathan Textiles may also consider a pre-IPO placement of up to Rs 100 crore before filing red herring prospectus (RHP) with the IPO registrar Sanathan Textiles has filed draft red ... Read more »

Gainers & Losers: 10 stocks that moved the most on January 7

Benchmark indices ended on positive note on January 7 in the volatile session. At close, the Sensex was up 142.81 points or 0.24% at 59,744.65, and the Nifty was up ... Read more »

Zee Learn stock price tumbles after Morgan Stanley, IndusInd Bank offload 1.19 crore shares

Zee Learn | Promoter entity Asian Satellite Broadcast’s shareholding in company reduced to 7.63 percent from 10.84 percent earlier. (Image: Moneycontrol) Zee Learn share price fell over 4 percent in ... Read more »

Hinduja Global Solutions hits 20% lower circuit as lower-than-expected dividend disappoints investors

Shares of Hinduja Global Solutions hit 20% lower circuit as investors were disappointed on lower-than-expected dividend. The stock touched a low of Rs 2,855.54 on BSE, down 20% from its previous ... Read more »

Gold Price Today: Yellow metal prices to remain range-bound amid Omicron surge, strong yields

Gold inched higher on January 7 in the international markets hovering close to a two-week low it hit in the previous session, after the chief of the World Health Organisation ... Read more »

Asian shares rally ahead of US jobs data

Asian shares have snapped two days of losses, climbing as investors wait to see whether jobs data will reinforce the need for faster US interest-rate hikes. MSCI's broadest index of ... Read more »

Financial leaders pay close attention to CES amid rise of big tech firms

Visitors to the Consumer Electronics Show wait to enter the exhibition hall at the Las Vegas Convention Center, on Jan. 6. Yonhap By Lee Min-hyung Leaders of Korea’s major banking ... Read more »

Petrol, diesel prices today on January 7: Check rates in Delhi, Mumbai and other cities

Jharkhand Chief Minister Hemant Soren has announced a concession of Rs 25 per litre on petrol and diesel prices for two-wheelers owned by the poor in the state from Republic ... Read more »

Hot Stocks | Here's why you should bet on Asian Paints, Pidilite Industries, HDFC Bank in short term

Vidnyan Sawant, AVP – Technical Research at GEPL Capital After a correction of around 12 percent from the top of 18,604 levels, the Nifty has bottomed out near 16,400 – ... Read more »

Will IPO market lose steam?

gettyimagesbank By Lee Kyung-min A growing number of companies seeking to go public this year are expected to adjust their expectations of immediate windfall gains. The tempered forecasts stem from ... Read more »

S&P 500 ends jumpy session nearly flat

The S&P 500 has ended a volatile session close to unchanged, with financials among sectors lending support a day after the market sold off on a hawkish slant in Federal ... Read more »

Gainers & Losers: 10 stocks that moved the most on January 6

Benchmark indices broke the four-day winning streak and ended lower with Nifty below 17800 on the back of weak global cues. At close, the Sensex was down 621.31 points or ... Read more »

Global tech slump sparks ASX nosedive as spooked investors pull out of growth shares

Technology stocks continued their tumble, pulling the ASX into a nosedive that followed a poor performance on Wall Street, where investors are spooked by looming rate hikes. The Australian sharemarket ... Read more »

Overheated housing market expected to cool in 2022

An apartment complex in Gyeonggi Province. Korea Times file Real estate polarization to widen, sharp price fall unlikely By Lee Kyung-min A rapid increase in housing prices seen over the ... Read more »

MC Interview | Over 20 companies, except LIC, expected to tap capital markets to raise Rs 45,000 crore in Q1CY22, says Yesha Shah of Samco Securities

 After initial public offerings of more than Rs 1.3 lakh crore in 2021, the pipeline for 2022 looks solid. Companies are expected to come out with offers for about Rs ... Read more »

Hawkish Fed, surging Covid cases spook investors: 4 factors that are pulling markets lower

The Indian stock market saw a steep fall at open on January 6 morning amid surging Omicron cases and a hawkish hint in the US Fed meeting minutes. At 09:37 ... Read more »

Gold Price Today: US Fed's hawkish stance likely to pull prices lower; support at Rs 47,800

Gold prices were little changed in the international market on January 6 as a surge in US Treasury yields following hawkish meeting minutes released by the Federal Reserve offset the ... Read more »

Daily Voice | Follow these four investment mantras to become successful investor, says Ajay Tyagi of UTI AMC

Ajay Tyagi is the Head of Equity at UTI AMC Ajay Tyagi, Head of Equity at UTI AMC has advised that new age investors have to avoid timing the market, ... Read more »

Asia shares fall after hawkish Fed minutes

Asian shares have fallen, extending a global slump after Federal Reserve meeting minutes pointed to a faster-than-expected rise in US interest rates due to concerns about persistent inflation. Worries over ... Read more »

Oil falls from one-month high on OPEC+ supply plans, US fuel inventory surge

Oil prices lost ground on Thursday, easing from their highest levels in more than a month as OPEC+ producers stuck to a plan to boost production and U.S. fuel stockpiles ... Read more »

Petrol, diesel prices today on January 6: Check rates in Delhi, Mumbai and other cities

In Kolkata, petrol and diesel prices remained at Rs 104.67 per litre and Rs 89.79 per litre, respectively. (Representative image) Petrol and diesel prices remained unchanged on January 6, according ... Read more »

Nasdaq posts biggest daily drop since Feb

US stocks have fallen sharply, with the Nasdaq plunging more than 3 per cent in its biggest one-day percentage drop since February, after US Federal Reserve meeting minutes signalled the ... Read more »

HFCL share price rises 13% on partnership with Aprecomm

HFCL share price rose 13 percent intraday to Rs 89.40 on January 5 after the telecom company announced a partnership with Aprecomm, a leading AI-powered wi-fi analytics technology provider. “HFCL ... Read more »

M&A market boom to continue this year

gettyimagesbank By Anna J. Park The year 2021 logged the all-time record high of mergers and acquisitions (M&As) in the Korean market, with the transactional amount standing at some $181 ... Read more »

Volatility on cards for these stocks after lock-in period ends this month

IPO 2022 Newly listed Star Health and Allied, Tega Industries, Anand Rathi Wealth, RateGain Travel Tech, Shriram Properties, CE Info Systems and six more are likely to see sharp volatility ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic