Gold prices traded in a tight range on Wednesday in international markets, pressured by a stronger dollar and Treasury yields as hawkish comments from US Federal Reserve officials pulled the metal further away from last session's one-month peak.
Spot gold rose 0.1 percent to $1,761.76 per ounce by 2:37 p.m. ET (1837 GMT), seesawing in a roughly $20 range, while US gold futures fell 0.7 percent to $1,776.4.
At 10:20 am, gold contracts were trading 0.28 percent lower on the Multi-Commodity Exchange (MCX) at Rs 51,550 for 10 grams and silver added 0.4 percent at Rs 57,787 a kilogram.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities
COMEX gold trades marginally higher near $1785/oz amid choppiness in US dollar and bond yields as market players assess US economic numbers and central bank comments to determine future move. Market players are also positioning for Bank of England interest rate decision as the central bank is expected to hasten rate hikes to control inflation. ETF outflows, however, show weaker investor interest in the metal despite price recovery. Gold may remain volatile as market players react to data and central bank stance, however, with Fed officials maintaining support for rate hikes, the US dollar may remain supported which may keep up the pressure on gold.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices held steady on Thursday with COMEX spot gold prices trading 0.23% up near $1770 per ounce in morning trade. The weaker dollar and recession worries have kept gold prices in a firm range with lower volatility.
We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1750 and resistance at $1785 per ounce. MCX gold October support lies at Rs 51100 and resistance at Rs 51600 per 10 grams.
Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart
Precious metals remained marginally down yesterday due to an ease in crude oil prices as OPEC countries decided to increase oil production. The US dollar index and US benchmark Treasury yield gained the previous day. Today's trend in precious metals may remain downwards ahead of Britain's monetary policy. Gold has resistance at Rs 51750 while support at Rs 51200. Silver has resistance at Rs 58000 and support at Rs 56800.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.