Gold price today: Yellow metal trades flat; silver nears Rs 62,000 on MCX

NEW DELHI: Gold prices gained marginally on Tuesday as inflationary pressures supported safe-haven metal while market participants awaited the US inflation data.

Gold futures on MCX edged higher by 0.08 per cent or Rs 37 to Rs 48,265 per 10 grams. Silver futures were trading lower by 0.31 per cent or Rs 195 at Rs 61,840 per kg.

Gold is considered a hedge against inflation and geopolitical risks, yet rate hikes would raise the opportunity cost of holding non-yielding bullion.

“Gold prices pushed higher on inflation concerns. Despite central banks taking measures to curb the inflation, the numbers are continuously disappointing,” said Ravi Singh, Vice President and Head of Research, ShareIndia.

In the spot market, the highest purity gold was sold at Rs 48,280 per 10 grams while silver was priced at Rs 61,365 per kg on Monday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have jumped about Rs 500 per 10 grams in the last one week, whereas silver inched up by Rs 650 per kg in just two sessions in the spot market.

Trading strategy
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,800 and resistance at $1,830 per ounce. MCX Gold April support lies at Rs 48,000 and resistance at Rs 48,500 per 10 gram,” Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets
Spot gold was steady at $1,821.26 per ounce, as of 0052 GMT, hovering close to Monday’s high of 1,823.21. US gold futures were flat at $1,821.30.

Silver rose 0.1 per cent to $23.01 per ounce, platinum was steady at $1,020.06, and palladium rose 0.2 per cent to $2,266.79.