Gold Prices Today: Investors can buy on dips, support lies around Rs 48,050-47,900

Gold Prices Today: Investors can buy on dips, support lies around Rs 48,050-47,900

Gold is trading above 200-EMA on the hourly chart and prices have sustained above the resistance of Rs 48100 which indicates further buying momentum in prices, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.





February 08, 2022 / 10:14 AM IST





Gold, Gold Prices



Gold prices were steady on February 8 in international markets as inflationary pressures supported the safe-haven metal near previous session's one-week high, while market participants awaited US inflation data that is crucial for the Federal Reserve's tapering timeline.

At the Multi-Commodity Exchange (MCX), gold contracts were trading 0.06 percent higher at Rs 48,257 for 10 grams at 9.49 am and silver shed 0.35 percent to trade at Rs 61,816 a kilogram.

Gold and silver gained on Monday due to weakness in the US equity market ahead of the inflation report. Both the precious metals settled on a positive note in the international markets. Gold is holding $1800 per troy ounce in the international markets, $1822 is make or break level for gold if it starts sustain above these levels, it could show further strength towards $1845-1850 per troy ounce levels again. Silver is also holding $22 per troy ounce and sustaining above $23.30 could extend