x
Gold prices may remain in a range in near term, say analysts
Silver prices also rose today, tracking gold
Gold and silver prices edged higher today in India, tracking muted gains in global markets. February gold futures prices on MCX were up 0.20% to ₹39,761 per 10 gram, extending gains to the third day. Tracking gold, silver also edged higher. On MCX, silver prices rose 0.28% to ₹46,550. Gold may see sideways movement in the near term on mixed fundamentals, says SMC Global in a note.
Gold can dip lower towards ₹39,600 while taking resistance near ₹39,800 while silver can test ₹46,200 while taking resistance near ₹46,700, the brokerage added.
Last week, gold prices in India had hit a record high of ₹41,300 per 10 gram as tensions between US and Iran escalated. But as tensions eased, prices have fallen from highs and have remained sideways in recent sessions.
In global markets, gold prices were flat today, hurt by higher appetite for riskier assets. Positive US retail data and optimism over a partial US-China trade deal lifted global equity markets. Data released today showed China's GDP growth last year was in line with estimates. Gold added 0.1% to $1,553.87 an ounce. The holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.13% to 879.49 tonnes on Thursday.
Holdings of the world's largest gold-backed exchange traded fund SPDR Gold Trust GLD rose 0.13% to 879.49 tonnes on Thursday.
Despite the signing of the US-China interim trade deal, "still many issues are not addressed in this deal, which was responsible for a slowdown in the global economy. Gold found support over this," said Abhishek Bansal, chairman of ABans Group of Companies.
Despite the signing of the interim trade pact between US and China, many analysts say that lower-for-longer interest rates, a weaker dollar and the US presidential election will provide multiple catalysts for gains in gold prices.
Gold prices had jumped 25% in India last year amid a global rally, triggered by US-China trade friction, weaker rupee and a hike in import duty. (With Agency Inputs)
Edited By Surajit Dasgupta
Updated: 17 Jan 2020, 11:21 AM IST
