Treasury yields slipped to the lowest since March 16, while the dollar jumped above a two-week high after Powell told US lawmakers on Tuesday he expected inflation to rise over the year but it would be “neither particularly large nor persistent.”
Gold futures on Multi Commodity Exchange (MCX) were up 0.38 per cent or Rs 170 at Rs 44,816 per 10 grams. Silver futures gained 0.37 per cent or Rs 240 to Rs 65,212 per kg.
“Gold trades higher supported by correction in US bond yields, increased virus concerns, US-China tensions, Fed’s dovish stance and mixed economic data from major economies. However, weighing on price is the continuing ETF outflows which show weaker investor interest. Gold may remain choppy as correction in yields is countered by a firmer US dollar but renewed virus concerns may boost safe haven buying,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
In the spot market, gold prices gained Rs 116 to Rs 44,374 per 10 grams in the national capital on Tuesday, reflecting overnight gains in global precious metal prices. Silver, however, declined by Rs 117 to Rs 65,299 per kg.
|Date||Gold Spot Price
Rs/10 grms (AHMEDABAD)
|Gold Future Price
Rs/10 grms Expiry: 05-Apr-2021
“We expect gold prices to trade sideways to down with support at $1,710 and resistance at $1,745 per ounce. MCX Gold April futures support lies at Rs 44,500 and resistance at Rs 45,000 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold was up 0.3 per cent at $1,731.75 per ounce by 0300 GMT. US gold futures were up 0.4 per cent at $1,732.70 per ounce.
Palladium was down 0.1 per cent at $2,601.96, silver edged up 0.3 per cent to $25.16 and platinum was steady at $1,168.08.
This content was originally published here.
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