Gold Rate Today: Yellow metal gains as dollar weakens. What should investors do?


Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,512 at the opening time, up Rs 46 or 0.07% from Thursday’s closing price.

Meanwhile, the March Silver futures were trading at Rs 74,649 per kg, higher by Rs 336 or 0.45%. Read More

In the international market, gold prices rose amid a slip in the dollar index below the 104 mark. On Comex, Gold futures were trading at $2,048.60 per troy ounce, up by $2.20 or 0.11% while Silver futures were trading at $24.170, higher by $0.111 or 0.460%.

The dollar index (DXY) was up $ 0.05 or 0.05% against a basket of six top currencies and hovering around 103.59. The DXY has fallen by 2.14% in the last one month.

The February Gold contract ended Thursday with declines at Rs 62,500, down by Rs 34 or 0.05%. As for Silver futures, the March contract settled at Rs 74,380, down by Rs 67 or 0.09%.

“Gold fluctuated around $2,030 an ounce as traders awaited the US jobs report to gauge the Federal Reserve’s monetary policy direction. The precious metal had a volatile week, reaching a record high on Monday but retracting due to concerns about aggressive bets on looser monetary policy,” Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
Traders remained cautious after Thursday’s data indicated a cooling US labour market. The upcoming non-farm payrolls report on Friday will be crucial for shaping expectations regarding future interest-rate moves, she said, adding that the recurring jobless claims dropped by 64,000 to 1.86 million, but swaps markets indicate a 60% chance of monetary loosening at the March central bank meeting. On technical charts, the MCX February gold contract finds support at Rs 61,945, suggesting a potential relief from downward momentum, Qureshi said. A breakout above 62,800 is crucial for a continuation of the rally, but a sideways momentum is also possible, she added.

The Anand Rathi analyst sees resistance at Rs 62,750 – Rs 62,975 while support at Rs 62,300 – Rs 62,000. Click to know more

Intraday Trading Strategy by Neha Qureshi
– Sell MCX February Gold futures at Rs 62,600 with a stop loss of Rs 62,800 and a price target of Rs 62,200.

– Sell MCX March Silver futures at Rs 75,000 with a stop loss of Rs 76,000 and a price target of Rs 73,500.

(You can now subscribe to our ETMarkets WhatsApp channel)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Articles You May Like

For Black workers, progress in the workplace but still a high hill to climb
Forexlive Americas FX news wrap 28 Feb: Bitcoin breaks $60K and runs to $64 before falling
Crude Oil flattens on Thursday, WTI tests below $78.00
Kiwi is vulnerable to a stronger Greenback on US data surprises – DBS Bank
EURUSD holds the 100-day MA and bounces. Buyers made a save against the MA level.