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NEW DELHI: Domestic gold prices were trading flat on Thursday as a strong US dollar following hawkish US Fed minutes dented demand for the yellow metal.
Gold futures on MCX were down 0.03 per cent or Rs 15 down at Rs 51,611 per 10 grams. Silver futures were trading higher by 0.04 per cent or Rs 25 at Rs 66,330 per kg.
“Gold prices are in the profit booking zone, however, talks of more economic sanctions on Russia by western countries and higher global inflation pressures are supporting precious metals at lower levels,” Ravi Singh, Vice President and Head of Research, ShareIndia.added.
Physical gold demand in India improved last week as domestic prices dropped ahead of a festival over the weekend, while purchases in top consumer China were limited by Covid-19 lockdowns.
In the spot market, the highest purity gold was sold at Rs 51,578 per 10 grams while silver was priced at Rs 65,919 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have remained below the Rs 52,000 mark for about 4 weeks, whereas silver breached the Rs 66,000 level after more than a month.
Trading strategy
Singh from ShareIndia has advised buying gold above Rs 51,700 for the target of Rs 52,000, whereas traders can short the yellow metal below Rs 51,400 for the target of 51,200.
Global markets
Spot gold was down 0.2 per cent at $1,922.08 per ounce by 0125 GMT. US gold futures rose 0.2 per cent to $1,926.10.
Spot silver edged 0.2 per cent lower to $24.38 per ounce, platinum shed 0.1 per cent to $952.32 and palladium was up 0.5 per cent at $2,208.87.