Gold traded in the green on Tuesday amid a slip in the dollar index (DXY). The yellow metal has maintained a steady trade with a weakening greenback which has fallen in anticipation of the inflation numbers due for release later this week.

The DXY has fallen by 0.30% over the past five trading sessions. It was hovering near the 103.77 mark against a basket of six major currencies and was down by 0.06 points or 0.06%.

Taking cues from the international prices, MCX April gold futures were trading at Rs 62,232 per 10 grams, up Rs 83 or 0.13% while the March Silver contracts were trading at Rs 69,340 per kg, higher by Rs 90 or 0.13%.

On the Comex, gold futures were trading at $2,043 per troy ounce, up by $4.10 or 0.20%, while Silver futures were hovering at $22.555 per troy ounce, lower by $0.029 or 0.130%.

On Monday, MCX Gold April contract closed at Rs 62,160, up by Rs 11 or 0.02% while the March Silver futures settled at Rs 71,181, higher by Rs 9 or 0.01%.

Gold may trade range-bound ahead of key US data like GDP growth rate, ISM manufacturing and PCE deflator inflation data, though bias remains bearish, Praveen Singh, Assistant Vice President – Fundamental currencies and Commodities Analyst at Sharekhan said, placing the support at $2,025-$2,003 while resistance at $2,032/$2,050-$2,065.”Gold prices remained stable, close to a two-week high, as investors awaited further indications of when the Federal Reserve might start reducing interest rates. The price of gold has not changed much this week, with attention focused on an upcoming inflation report expected to show a rise. This report could influence the Fed’s decisions on cooling the economy and adjusting borrowing costs. Expectations for a rate cut by the US central bank have shifted to no earlier than June, according to market predictions” Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.Lower interest rates usually benefit gold, which doesn’t earn interest.

Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 63,00 per 10 gram while those of 1 kg of Silver is Rs 72000.

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Intraday Trading Strategy by Neha Qureshi

– Buy MCX April Gold futures at Rs 62,100 with a stop loss of Rs 61,800 and a price target of Rs 62,500.

– Buy MCX March Silver futures at Rs 69,400 with a stop loss of Rs 68,400 and a price target of Rs 71,400.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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