The head of the World Health Organization (WHO) said the Omicron variant cannot be considered “soft,” while higher yields have capped bullion gains.
MCX gold futures gained 0.08% or Rs 38 to Rs 47,489 per 10 grams. The money remained unchanged at Rs 60,426 per kg.
Ravindra Rao, CMT, EPAT, vice president of commodities research at Kotak Securities, said gold was at a standstill after sharp decline triggered by FOMC minutes as market focused on report on the non-agricultural wage bill. “Support for concerns about viruses and geopolitical risks is thwarted by the Fed’s aggressive monetary tightening stance and weaker investor interest,” he added.
On the spot market, the highest purity gold was sold at Rs 47,832 per 10 grams while silver was priced at Rs 60,435 per kg on Thursday, according to the Indian Bullion and Jewelers Association.
The spot price of gold has fallen by around Rs 500 over the past four sessions, while silver has fallen by over Rs 1,800 per kg over the same period.
Ravi Singh, vice president and head of research at ShareIndia, said: “Based on the minutes of the December Fed meeting, gold prices are falling as a result of a rate hike as well as to a reduction in asset purchases very soon. ”
“We expect gold prices to trade sideways lower for the day with COMEX spot gold support at $ 1,780 and resistance at $ 1,810 per ounce. MCX support Gold for February is at Rs 47,100 and resistance at Rs 47,800 per 10 grams, “said Tapan Patel, senior. Analyst (commodities), HDFC Securities.
Spot gold rose 0.2% to $ 1,791.73 an ounce at 01:00 GMT. US gold futures rose 0.1% to $ 1,791.70. The precious metal was poised for its worst weekly drop since late November, down around 2%.
Spot silver was flat at $ 22.16 an ounce, platinum rose 0.2% to $ 966.85 and palladium edged up 0.1% to $ 1,875.78.