Gold price today: MCX Gold prices traded lower in morning trade on Wednesday, March 6, on profit-booking at higher levels ahead of the Federal Reserve Chair Jerome Powell’s testimony. In international markets, too, gold prices slipped from their record high level but held above the $2,100 an ounce level.
Gold prices rose in the previous session on optimism of rate cuts. Recent macro numbers raised hopes that the US Fed may cut rates in June.
According to a Reuters report, data showed last week US manufacturing slumped further in February and inflation gradually eased, while consumer sentiment stood weak.
Gold tends to gain on the prospects of rate cuts. Moreover, geopolitical uncertainty is also a positive factor for gold. The recent Houthis’ Red Sea attacks have raised concerns that the Israel-Hamas war could spread in West Asia.
Also Read: Mint Primer | India and the Red Sea sharks: crisis without an end?
Meanwhile, MCX Gold traded 0.14 per cent lower at ₹64,756 per 10 grams around 11 am.
What should be your strategy for MCX Gold?
Experts expect gold prices to remain volatile for the session. They advise one should keep the key support and resistance level in mind while trading in the yellow metal today.
Rahul Kalantri, VP of commodities at Mehta Equities expects gold and silver prices to remain volatile in today’s session.
“Gold is supported at the $2,098-$2,082 range, with resistance between $2,124 and $2,140. Silver finds support within the $23.40-$23.20 range, with resistance between $23.82 and $23.98. When priced in INR, gold is supported at ₹64,580-64,350, with resistance at ₹64,980-65,240. Silver sees support at ₹72,840-72,280, with resistance at ₹73,850-74,380,” said Kalantri.
Manoj Kumar Jain of Prithvifinmart Commodity Research also expects gold and silver prices to remain volatile in today’s session but they could hold their key support level of $2,084 and $23 per troy ounce respectively on a weekly closing basis.
“Gold has support at $2,124-2,108, while resistance at $2,155-2,180 per troy ounce and silver has support at $23.64-23.40, while resistance is at $24.20-24.60 per troy ounce in today’s session,” said Jain.
“On the MCX, gold has support at ₹64,600-64,330 and resistance at ₹65,150-65,400 while silver has support at ₹73,000-72,550 and resistance at ₹73,850-74,400. We suggest buying silver around ₹73,000 with a stop loss of ₹72,550 on a closing basis for the target of ₹74,1000, we also suggest booking profits in long positions of gold and waiting for some corrective dips for fresh buying,” Jain said.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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