Despite conflicting global cues, the gold rate is up this Friday, while the silver rate is down. Gold April futures were selling at Rs 55,743 per 10 kilos on the Multi Commodities Exchange, up Rs 156 or 0.28%. On the MCX, silver March futures were selling at Rs 65,642 per kilogram, down Rs 83.

The price of yellow metal increased on Friday as the dollar declined globally, but gains were restrained by market concerns that recent economic data would prompt the U.S. 

Federal Reserve to continue hiking interest rates, according to Reuters. Gold’s spot price increased 0.2% to $1,826.45 per ounce. Futures for U.S. gold increased 0.4% to $1,834.80.

“Gold prices are likely to trade on a negative bias”

Gold prices on Thursday fell to its lowest level in six weeks as the Federal Reserve’s position on a regime of increasing interest rates was bolstered by a decline in the number of weekly unemployment claims in the United States. While this was happening, the country’s GDP grew at a reduced 2.7% annualized pace in Q4 2022, down from the 2.9% published last month.

The Price of Silver Dollar

“Silver futures hit the most and slid more than 1% after a strong rally in the dollar index, which crossed its previous highs at 104.66. Gold prices are likely to trade on a negative bias as strong economic numbers and expectation of higher U.S. PCE numbers would raise the probability of further rate hike,” said an ICICIdirect report. 

The next support at 55,200 and then 55,000 are likely to be reached by MCX gold as it declines. The price would face significant resistance on the upside at the 10 day EMA at 56,200. Following the yellow metal’s lead, MCX Silver is anticipated to sag toward the 65,400–65,000 range.

Gold and silver keep trading in volatility during today’s session

On Thursday, the price of gold and silver both fell significantly, with the yellow metal reaching a seven-week low and silver likely to close at the same level. 

There are signs that the U.S. Federal Reserve may maintain interest rates higher for longer, which will have a negative impact on demand for the metals markets, giving rise to bearish signals for metals. 

The U.S. GDP data was slightly hotter than anticipated, which briefly increased U.S. bond yields, supported increases in the U.S. dollar index, and decreased the price of gold and silver.

Price projections of gold and silver

According to VP Commodities, Meha Equities analyst, Rahul Kalantri, They anticipate that the price of gold and silver will remain erratic today. Support for gold is located at $1808-1795, and resistance is found at $1834-1842. Support and resistance levels for silver are $21.05-20.85 and $21.40-21.58, respectively. 

Support and resistance levels for gold in Indian rupees are 55,240 and 55,010 and 55,960 and 56,250 respectively. Resistance for silver is at Rs. 64,790-65,380, while support is at Rs. 63,950-63,520.


Please continue to read new articles here about merchandise assessed by Waytrade.


Please enter your comment!
Please enter your name here