Gold prices strengthened and silver also rose by more than one percent in Indian markets in the morning trading on January 29 and In the MCX i.e. the Multi-Commodity Exchange which occurred in February, the gold contracts traded up to 0.25% at Rs 49,056 per 10 hours 0920 hours. In March silver sold 1.3 percent more than Rs 68,522 per kilogram.
Spot gold prices were volatile as investors waited for developments around the US stimulus package, even though the metal was on its way to send a week-long decline that was damaged by a strong dollar, Reuters reported.
Trading the Comex gold is very high i.e. above $ 1,840 / oz after a 0.4% decline on Thursday. Gold is bound to be funded as support from rising cases, mixed economic data from the US economy and expectations for incentives in the US including the continued exit of the ETF and the lack of any means for new initiatives by central banks, “Ravindra Rao, VP-Head Commodity Research at Kotakonturities told .
Gold may remain low, indicating a mixed trade for the dollar, however, an increase in virus cases and expectations revived by the US could support it, he said.
Domestic gold and silver ended the mix on January 28, followed by overseas prices, when gold eventually fell to the ground and silver ended up profitable.
Gold has plummeted, and silver has risen sharply on Thursday after some traders went on to report short positions as rumours entered the market over GameStop-style cracks run by retail investors, Sriram Iyer who is the Senior Research Analyst at Reliance Securities.
Technically, MCX April gold took a huge resistance near 49,600 levels from where it started to break and ended below 49,000 degrees, clearly indicating a bearish momentum of 48,800-48,650 levels.
Iyer said the MCX March silver could not feed more than 70,000 but ended up on a positive note of more than 67,000, indicating that the momentum will continue to reach 67,900-70,300 levels. Support is at 67,150-66,500 levels.