Gold price remained close to ₹ 56,500 per 10 grams
• The rise in the US dollar has an impact on gold prices.
Gold in India's futures market fell today after hitting a record high on Monday. On MCX, gold slipped to ₹56,456 per gram, nearly ₹100 lower than its all-time high of ₹56,562. Silver futures fell 0.2% to Rs 69,655 per kg. In global markets, gold prices declined due to strengthening dollar. Spot gold was down 0.4% at $1,910.48 an ounce, but losses were capped by expectations of a slower interest rate hike by the Federal Reserve.
The dollar rose 0.3%. A strong dollar makes gold less attractive to buyers of other currencies.
“Gold and silver prices were marginally negative on Monday as dollar index recovered from its low and once again crossed 102-mark, limiting gains in precious metals. The US 10-year bond yield also recovered from its lows to cross the 3.50% mark. Despite this, gold prices remained at $1900 per troy ounce and silver at $24 per troy ounce.
US Treasury Secretary Janet Yellen said on January 19 that the US could exceed its statutory debt limit, US Treasury Secretary Janet Yellen said. We expect gold and silver to remain volatile in today's session. Gold has found support at $1895-1882 while resistance lies at $1928-1940. Silver has taken support at $23.85-23.65, while resistance lies at $24.40-24.62. Against INR, gold takes support near ₹56,150-55,780, while resistance lies near ₹56,680-56,780. Silver has support at Rs 69,150-68,520, while resistance lies at Rs 70,120-70,680.
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