Gold and silver prices today: Yellow metal prices are trading steady

Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 62,639 per 10 grams and hit an intraday low of Rs 62,553. In the international market, prices hovered around $2,045.19 per troy ounce.

Meanwhile, silver opened at Rs 72,146 per kg and hit an intraday low of Rs 71,860 on the MCX. The price hovered around $23 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices are trading steady as market participants assess the impact of this year’s first US Fed policy meeting, which leaned slightly towards a hawkish stance. However, the geopolitical tension in the Middle East continues to provide some support to the metal. The US Federal Reserve kept the rates unchanged and said any rate cuts will not come until the Fed has ‘greater confidence’ that annual inflation is moving toward 2%.”

The statement also said the U.S. economy is expanding at a “solid” pace, discarding any concerns of slowdown fears. Governor Powell mentioned that almost all officials feel that rates should come down this year, not in March but mostly in mid-May.

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Modi said, “Private sector employment increased by 107,000 jobs in January against expectations of 145,000 supporting safe-haven metals. Focus today will be on the interim budget on the domestic front and manufacturing PMI data from major economies.”

Amit Khare, Associate Vice President at GCL Broking, said, “MCX gold and silver gave mixed closing yesterday. April gold closed at 62735(0.47%) and March silver slightly closed negative at 72247(-0.13%). As per the daily chart, Bullions are trading near an important support zone; Momentum Indicator RSI also indicates the same; trades should also focus on today’s Union Budget; below are the important levels for the day: Gold April Support 62550/62200 and Resistance 62900/63100. Silver March Support 71700/71000 and Resistance 72500/73000.”