Gold prices have plummeted in the Indian market today, adding to the significant losses of the previous session. In MCX, the future of gold decreased by 0.1% to, 47,474 by 10 grams while the future of silver increased by 0.3% more to 47474 per kg. In the past, gold decreased by 1% and silver by 0.33%. In India, gold prices have dropped by about ₹ 9,000 from their August high of ₹ 56,200. Analysts say the adjustment of gold prices could help boost India’s physical demand for gold.
In global markets, gold prices have plummeted today, saved by the strong US dollar and the Treasury’s high-yield product. Spot gold is up 0.3% to $ 1,820.73 per hour. The US dollar and the ten-year stance of the US Treasury show a sharp rise, reducing the gold rush. As long as the $ 1870 resistance remains closed, there is a possibility of a day-to-day correction. However, a direct drop of less than $ 1790 is needed to create greater pressure on the termination of the counter, Geojit said in the letter.
MCX Gold is supported by ₹ 46220 and resistance at ₹ 48,060, adding to the trade. Gold can continue to show the trend of the US dollar by focusing on the global flu situation and the stimulus of American banking monetary policy. However, we are seeing some signs of fatigue near the $ 1850 / ounce level and minor adjustments cannot be made if the US dollar can recoup the lost area, Kotak Securities said in the letter. Funding for gold prices is expected in high demand from China during the Lunar New Year holidays as well as improved demand from India following the government’s move to reduce import taxes, analysts say.
However, measuring gold prices interest rates for weak ETF investors. Also weighing in on the price is the improvement in viral status and advances in vaccines as concerns continue with the wide diversity and unequal distribution of drugs, Kotak added. In India, however, gold ETFs saw an increase in inflation in January.
Among other precious metals, in global markets silver fell 0.2% to $ 26.89 and palladium strengthened to $ 2,344.38. In silver, Geojit Financial said: Tight trading within the $ 28-26 levels is expected to start, and breaking either side will raise a new asset direction. The direct rise above $ 30 is a bullish signal while the $ 24 break is bearish. MCX silver is supported at ₹ 65,320 while resistance at ₹ 71400, adds.