Gold Price Today, January 12: Gold price in India dropped marginally on Wednesday. The yellow metal shone bright in the previous session. On the Multi-Commodity Exchange (MCX), the gold futures dropped 0.09 per cent to Rs 47,645 for 10 grams at 0940 hours on January 12. Silver price changed little on Wednesday. The precious metal futures dipped 0.11 per cent to Rs 61,035 for a kilogram on January 12.
In the international market, gold prices eased on Wednesday. Spot gold price was down 0.2 per cent at $1,818.19 per ounce by 0351 GMT. US gold futures were flat at $1,818.70.
Federal Reserve chair Jerome Powell said on Tuesday the economy should weather the current COVID-19 surge with only “short-lived” impacts and was ready for the start of tighter monetary policy. “Inflation is running very far above target. The economy no longer needs or wants the very accommodative policies we have had in place,” Powell said. Federal Reserve officials will likely move sooner and faster when reducing the central bank’s nearly $9 trillion balance sheet than it has during previous tightening cycles, but no final decisions have been made, he added. Powell further mentioned that the policymakers are still debating approaches, and said it could sometimes take two, three or four meetings for them to make such decisions.
Gold Price Outlook: What Experts Say
International gold prices have started flat this early Wednesday morning in Asian trade, ahead of US CPI data tonight. According to a Reuters poll, the US core CPI data is expected to have risen by an annual 5.4 per cent in December from 4.9 per cent in the prior month.
“Technically, if COMEX February trades above $1813.77 levels, it could continue its bullish momentum up to $1827.85-$1837.15 levels. A break below could pull the prices back to the support zone at $1804.43-$1790.37 levels. Domestic gold prices could flat this early Wednesday morning tracking overseas prices. Technically, if MCX Gold February trades above Rs 47,420 level it could continue its bearish momentum up to Rs 47,775-47,855 levels. A break below could pull the prices back to the support zone at Rs 47,535-47,375 levels,” said Sriram Iyer, senior research Analyst at Reliance Securities.
“We expect Gold prices to remain volatile ahead of Fed chair testimony and US inflation data. The expectation of early rate hike may keep a check on gold rally. However, a breakout above 47800 will make gold rally stronger.
Buy Zone Near – Rs 47,600 for the target of Rs 47,950. Sell Zone Below – Rs 47,480 for the target of Rs 47,300,” said Ravi Singh, vice president and head of research
ShareIndia.
“As per daily technical chart Gold and Silver both are now trading at demand zone. We can see a short covering rally in bullion’s any time, Momentum indicator RSI also indicating the same in hourly as well as daily chart. So traders are advised to create fresh buy positions near given support levels, traders should focus important technical levels given below for the day: February Gold closing price 47689, Support 1 – Rs 47,500, Support 2 – Rs 47,300, Resistance 1 – Rs 47,825, Resistance 2 – Rs 48,000. March Silver closing price 61103, Support 1 – Rs 60,700, Support 2 – Rs 60,000, Resistance 1 – Rs 61,400, Resistance 2 – Rs 62,000,” said Amit khare, AVP- research commodities, Ganganagar Commodity Limited.
Silver Price Outlook Today
On silver price futures, Iyer said, “International silver prices have started flat this early Wednesday morning in Asian trade ahead of US CPI data tonight. Technically, if COMEX March trades below $22.717 levels, it could continue its bearish momentum up to $22.575-$22.335 levels. Resistance zone is at $22.955-$23.095 levels. Domestic silver prices could start flat this early Wednesday morning tracking overseas prices. Technically, if MCX Silver March trades below 60970 levels, it could continue its bearish momentum up to the support zone at Rs 60,769-60,435. Resistance zone is at Rs 60,970-61,300.”
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