Gold prices held steady on Friday in international markets ahead of the US jobs report that could help investors gauge the Federal Reserve's rate-hike path, and were headed for their biggest weekly gain since March. Spot gold was little changed at $1,709.69 per ounce as of 0123 GMT.
At 09:40 am, gold contracts were trading 0.07 percent lower on the Multi-Commodity Exchange (MCX) at Rs 51,935 for 10 grams and silver added 0.39 percent at Rs 61,584 a kilogram.
Trading Strategy
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were marginally up on Thursday due to some safe-haven demand amid elevated risk aversion. A strong rebound in the US dollar index from early week lows has been limiting the upside in the precious metal markets. Gold and silver prices are headed for the largest weekly gain since March ahead of key US jobs data that will shape up expectations about how much more tightening is yet to come from the Federal Reserve.
We expect gold and silver to remain volatile in today’s session ahead of the US job reports. Gold has support at $1702-1688, while resistance is at $1728-1745. Silver has support at $20.20-19.82, while resistance is at $20.75-20.95. In rupee terms gold has support at Rs 51,720-51,540, while resistance is at Rs 52,210, 52,350. Silver has support at Rs 60,650-59,940, while resistance is at Rs 61,880–62,410.
Nirpendra Yadav, Senior Research Analyst at Swastika Investmart
Precious metals prices remained range bound as the US dollar index gained on the second consecutive day. However, US unemployment claims rose 219K from 190K, which supports the bullion prices. Today's trend in bullion may remain range bound to down as investors await the US payroll data scheduled later in the day. Gold has support at Rs 51600 while resistance at Rs 52100. Silver has support at Rs 59400 and resistance at Rs 61800.
(With agency inputs)
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