Gold Prices Today: Yellow metal to edge higher amid weak dollar and high fuel prices; buy on dips

Gold Prices Today: Yellow metal to edge higher amid weak dollar and high fuel prices; buy on dips

"A pullback can be seen so buying can be initiated at lower levels where gold has resistance at Rs 51100 and support at Rs 50500. Silver has resistance at Rs 62300 and support at Rs 60500," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.





May 23, 2022 / 09:47 AM IST





Gold, Gold Prices



Gold prices touched a more than one week high on Monday in international markets as an easing dollar continued to support greenback-priced bullion although higher US Treasury yields capped gains. Spot gold rose 0.2 percent to $1,848.96 per ounce by 0201 GMT.

At 9:35am, gold contracts were up 0.3 percent at Rs 50,984 for 10 gram on the Multi-Commodity Exchange (MCX) while silver added 0.49 percent at Rs 61,705 a kilogram.

Gold prices traded higher on Monday with spot gold prices at Comex trading around half a percent up near $1854 per ounce. Gold prices continued upside on weaker dollar which fell below 103 on Monday. Economic growth worries and higher fuel prices may support yellow metal as inflation hedge, said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

"We expect gold prices to trade up with Comex spot gold support at $1820 and resistance