Gold price in India remained flat on Wednesday, tracking the global cues. Amid the rising number of Covid-19 cases across the world, investors weighed the prospects of early interest rate hike by the US Federal government. On the Multi-Commodity Exchange (MCX), the gold contracts were little changed at Rs 47,951 for 10 grams at 0928 hours on January 5. Silver price dipped sharply on Wednesday. The precious metal future dropped 0.16 per cent to Rs 62,128 for a kilogram on January 5.
In the international market, gold price was under pressure. Spot gold was flat at $1,813.91 per ounce by 0133 GMT. US gold futures were at $1,813.80. Benchmark 10-year Treasury yields rose to their highest in more than a month on Tuesday. The US dollar index hovered near a two-week high touched on Monday, tracking gains in US Treasury yields. High dollar index dented safe haven metal’s appeal to other currency holders.
“International gold prices have started flat this early Wednesday morning in Asian trade. Technically, LBMA spot Gold resistance zone is at $1818-$1830 levels. Support zone is at $1805-$1795 levels. Domestic gold prices could start flat this early Wednesday, tracking the overseas prices. Technically, if MCX Gold February above Rs 47,700 level could see an upside momentum up to the resistance zone at Rs 47,990-48,150 levels. Support zone is at Rs 47,690-47550 levels,” said Sriram Iyer, senior research analyst at Reliance Securities.