Gold and silver prices today: Yellow metal stable in a volatile market; silver bows to dollar pressure

Gold opened on the Multi Commodity Exchange (MCX) on Friday at Rs 62,525 per 10 grams and hit an intraday low of Rs 62,485. In the international market, prices hovered around $2,030.18 per troy ounce.

Meanwhile, silver opened at Rs 74,641 per kg, hit an intraday low of Rs 74,484 on the MCX, and hovered around $23.84 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold traded in a narrow range, but silver prices came under pressure as the dollar firmed up against its major crosses.”

Recently, dovish comments from officials of the European Central Bank (ECB), along with the decision of the Bank of England and the Bank of Canada to keep the interest rates unaltered, gave impetus to the belief that global interest rates have reached their pinnacle. For investors and traders, these decisions and statements have been the key determinants contributing to the restrained movement of gold prices.

“Focus today will be on the non-farm payrolls data, as traders hoped for signs of a weaker labour market to boost chances of a rate cut by the Federal Reserve as early as March. Weaker-than-expected jobs data could keep the dollar weighed down and thereby lift precious metal prices,” said Modi.

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Amit Khare, Associate Vice President at GCL Broking, said, "February Gold closed at 62500(0.10%), and March Silver closed at 74380(-0.60%). As per the daily chart, Bullions are showing some profit booking and making the top. Traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level one with the stop loss of resistance level two and book near given support levels: Gold February Support 62400/62200 and Resistance 62800/63100. Silver March Support 74000/73500 and Resistance 75000/76000."

Per experts, "Gold, acting as a hedge against inflation and currency depreciation, will remain stable amidst these fluctuations, while we might witness some pressure on silver prices. Hence, traders and investors must keep their eyes fixed on these indicators to make judicious decisions with their investments."