Gold was trading a tad higher in the Indian market on the morning trade on November 29 while it remained flat in the international market after declining a percent in the previous session as the US Federal Reserve signalled interest rates would remain high to bring down inflation.
At 10.10 am, gold contracts were trading 0.28 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,321 for 10 grams. Silver was up 0.72 percent at Rs 61,331 a kilogram.
Spot gold was flat at $1,741.13 a troy ounce, as of 0007 GMT, while US gold futures were little changed at $1,739.60.
The US dollar index gained marginally on November 28, putting pressure on bullion prices. However, the US benchmark treasury yield remained down. Fed member James Brian Bullard said the bank could be more aggressive and suggested more rate hikes in 2023 that put pressure on bullion prices.
Bullion may remain down on November 29. Gold has resistance at Rs 52,500 and support at Rs 51,500. Silver has resistance at Rs 60,000 and support at Rs 62,000.
There were also worries about global demand for metals amid unrest in China. Gold and silver plunged on US Federal Reserve officials as well as ECB president's hawkish signal that interest rates would remain high to combat inflation.
We expect gold and silver to remain volatile this week ahead of the Fed Chair Jerome Powell commentary, who is due to speak at a Brookings Institution event on November 30.
Gold has support at $1,734-1,720, while resistance is at $1,755-1,764. Silver has support at $20.80-20.65, while resistance is at $21.42-22.58.
At 10.10 am, gold contracts were trading 0.28 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,321 for 10 grams. Silver was up 0.72 percent at Rs 61,331 a kilogram.
Spot gold was flat at $1,741.13 a troy ounce, as of 0007 GMT, while US gold futures were little changed at $1,739.60.
The US dollar index gained marginally on November 28, putting pressure on bullion prices. However, the US benchmark treasury yield remained down. Fed member James Brian Bullard said the bank could be more aggressive and suggested more rate hikes in 2023 that put pressure on bullion prices.
Bullion may remain down on November 29. Gold has resistance at Rs 52,500 and support at Rs 51,500. Silver has resistance at Rs 60,000 and support at Rs 62,000.
There were also worries about global demand for metals amid unrest in China. Gold and silver plunged on US Federal Reserve officials as well as ECB president's hawkish signal that interest rates would remain high to combat inflation.
We expect gold and silver to remain volatile this week ahead of the Fed Chair Jerome Powell commentary, who is due to speak at a Brookings Institution event on November 30.
Gold has support at $1,734-1,720, while resistance is at $1,755-1,764. Silver has support at $20.80-20.65, while resistance is at $21.42-22.58.
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