Tue. Jan 31st, 2023

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Gold is struggling to rise up

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Gold bars

Gold prices struggled to edge higher today amid muted global trend. On MCX, February gold futures were up 0.15% to ₹49,149 per 10 gram after a two-day fall, while silver rates edged down 0.11% to ₹63,460 per kg. In the previous session, gold had dipped 0.3% while silver had edged up 0.12%. Intraday support for MCX gold seen near ₹48,820, below which corrective moves may gather momentum. Further buying can be expected only with firm move above ₹50,150.

In global markets, gold rates edged higher as muted US jobs data spurred concerns about swift economic recovery. Spot gold was up 0.1% at $1,836.54 per ounce. Among other precious metals, silver fell 0.1% to $23.94 an ounce, while platinum gained 0.2% to $1,028.71 and palladium was up 0.1% at $2,334.03.

Gold’s gains were however capped after a US government advisory panel endorsed widespread use of Pfizer’s coronavirus vaccine on Thursday.

Shots could begin within days, depending on how quickly the Food and Drug Administration signs off, as expected, on the expert committee’s recommendation, a top official had said earlier.


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