Gold and silver prices today: Yellow metal hovers around $2,000 levels

Gold opened on the Multi Commodity Exchange (MCX) on Wednesday at Rs 61,159 per 10 grams and hit an intraday low of Rs 61,070. In the international market, prices hovered around $1,999.07 per troy ounce.

Meanwhile, silver opened at Rs 73,149 per kg, hit an intraday low of Rs 73,024 on the MCX, and hovered around $23.8 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold, after a sharp rally in the previous session, is hovering around the $2,000 mark, as the dollar stabilised from its recent drop, although expectations that the US Federal Reserve has reached the end of its tightening cycle and provided support to bullion prices.”

“The minutes confirm the statement from the last meeting and Governor Jerome Powell’s news conference afterwards, that the US Fed is likely on hold for now and will move according to the economic data points. On the data front, existing home sales tumbled to their lowest level in more than 13 years as rising mortgage rates and low inventories kept potential homebuyers on the sidelines,” said Modi.

The dollar held steady against its rivals after dropping to a more than two-and-a-half-month low in the previous session, while benchmark US 10-year Treasury yields languished near a two-month low.

Also read: Gold and silver prices today: Yellow metal rises as US dollar weakens

Also read: Gold and silver prices today: Yellow metal edges lower in early trade

Also read: Gold and silver prices today: Yellow metal edges higher as US dollar and Treasury yields dip

“We noticed that weakness in the dollar is supporting gold and silver prices. The dollar index is trading at an 11-week low level and expecting further down as FOMC is looking no more aggressively to increase rates,” said Anuj Gupta, Head of Commodity and Currency at HDFC Securities.

Amit Khare, Associate Vice President at GCL Broking, said, “December Gold closed at 61202(0.90%) and December Silver closed at 73250(0.83%), As per daily chart Bullions are looking strong now, Momentum Indicator RSI also indicating the same, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 61000/60700 and Resistance 61300/61500. Silver December Support 72700/71700 and Resistance 74000/74500.”