In global markets, gold was flat after hitting a three-month low in the previous session. Lower US Treasury yields and choppy dollar kept demand for zero-yield bullion afloat above the key psychological support level of around $1,800 per ounce. Spot gold was up 0.1% at $1,812.15 per ounce. Spot silver was down 0.1% at $21.06 per ounce, platinum was unchanged at $938.46, and palladium rose 0.3% to $1,949.88.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities, said: “COMEX gold trades mixed near $1810/oz after testing 3-month low last week. Gold paused as US dollar index turned choppy after testing 2002 highs. Also supporting price is retreat in bond yields from recent highs. However, weighing on price is Fed’s monetary tightening expectations and continuing exodus by ETF investors."
“Gold has paused near key $1800/oz level but may remain under pressure unless we see sharp gains across commodities or a sharp correction in US dollar index."
Domestic brokerage Geojit expects weak bias to continue till prices stay below $1848. A direct turn above $1890 is recovery signal, it added.
For silver, bearish momentum may continue while prices stay below $23 and recovery moves are anticipated only consistent trades above $23.50, Geojit added.
