January 12, 2024 / 09:50 AM IST
Sensex Today | Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices concluded on a downward trend this Thursday, with gold reaching a four-week low and silver hitting a two-month low. The decline followed the release of a U.S. inflation report, which surpassed expectations, leading to a surge in the U.S. dollar index and an increase in U.S. Treasury yields. Unexpectedly, despite the rise in U.S. inflation, the likelihood of early rate cuts by the U.S. Federal Reserve has improved, potentially providing support for gold and silver prices in today’s trading session.
Additionally, geopolitical tensions and a rebound in crude oil prices have contributed to maintaining gold and silver prices at lower levels. Anticipating volatility in today’s session, we observe that gold finds support around $2016-2002, with resistance at $2041-2055. Silver’s support is at $22.72-22.55, and resistance is expected at $23.20-23.38. In terms of INR, gold has support at Rs 61,750-61,510, with resistance at Rs 62,290 and Rs 62,510. For silver, support is at Rs 71,000-70,580, and resistance is at Rs 71,850 and Rs 72,480.
