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Gold Futures Trades Lower On More Powerful Dollar, Yields, Silver Drops

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Gold futures were last seen trading lower by Rs 33 or 0.07 per centGold Rate In India: Gold futures moved between gains and losses on Wednesday, January 5, as the yellow metal took cues from patterns in global markets.

On the Multi Product Exchange (MCX), gold futures due for a February 4 delivery, were last seen trading lower by Rs 33 or 0.07 per cent - at Rs 47,916, compared to their previous close of Rs 47,949.

Silver futures due for a March 4 delivery were last down 0.44 per cent at Rs 61,950 versus a previous close of Rs 62,226.

Domestic spot gold opened at Rs 48,126 per 10 grams on Wednesday, and silver at Rs 61,658 per kg - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Ravindra Rao, CMT, EPAT, VP- Head Product Research Study at Kotak Securities: COMEX gold trades little altered near $1815/oz after a 0.8 per cent gain yesterday.

Gold continues to take hints from United States dollar and bond yields as market gamers shift focus from infection scenario to FOMC minutes which might provide more clarity on Fed's financial policy position.

Gold continues to trade in a variety near $1800/oz and this may continue unless there are fresh triggers however Fed's tightening expectations could keep United States dollar supported and this may weigh on gold price.Trading Method: While March agreement Silver futures closed at Rs 62,226 a kg, 0.79 percent up.

The other day February Gold made a low of 47740 then made a high of 47997, And Silver made a low of 61504 then made a high of 62369.

Based on day-to-day technical chart Gold and Silver both are revealing weakness.So traders are encouraged to produce fresh sell positions near provided resistance levels, traders need to focus important technical levels given below for the day: February Gold closing price 47949, Assistance 1 - 47800, Assistance 2 - 47650, Resistance 1 - 48100, Resistance 2 - 48300.




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