Gold prices rebounded on February 18 after two sessions of decline, influenced largely by short covering in domestic markets. On the Multi Commodity Exchange (MCX) gold April futures climbed 1.2% to Rs. 1,53,303 per 10 grams. Silver also saw strong buying interest with March futures rising close to 2% to Rs. 2,32,930 per kg.
This recovery comes in times of heightened volatility in global precious metal markets. Spot gold edged up 0.2% to $4,886.69 per ounce internationally. US gold futures for April delivery is near $4,904.50.
The bounce followed a steep correction of more than 2% in the previous session. It has been triggered by optimism around progress in US-Iran nuclear discussions.
The price of 24K gold decreased by Rs. 10 in early trade with ten grams of the precious metal trading at Rs. 1,54,200.
Price of 22K gold also declined by Rs. 10 with ten grams of the yellow metal selling at Rs. 1,41,350.
The price of ten grams of 24K gold stood at Rs 1,54,200 in Mumbai and Kolkata and Rs 1,55,240 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs 1,54,350.
The increase in gold prices after the market recovery stayed limited as the US dollar remained strong. The dollar index increased by 0.10% to 97.25. This makes dollar-denominated commodities expensive for overseas buyers.
On the geopolitical front new developments in US-Iran negotiations affected market sentiment. The two nations reached an agreement on key guiding principles during their second negotiation session, according to reports. But several issues are still unresolved.
The markets reacted cautiously as geopolitical risk premiums adjusted their levels.
International market participation faced limitations as Asian markets saw low trading activity amid the Lunar New Year holidays.
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Gold has support near $4,880 and $4,824 internationally and resistance is placed at $4,955 and $5,000 per ounce. Silver’s key support levels stand at $71.20 and $68.80 with resistance around $76 and $78.40.
On the MCX, gold has immediate support at Rs. 1,49,800 followed by Rs. 1,47,700. Resistance is still at Rs. 1,53,150 and Rs. 1,55,500.
For silver, support levels are seen at Rs. 2,24,400 and Rs. 2,18,800 with resistance near Rs. 2,32,200 and Rs. 2,36,000.