Gold Prices Today: Yellow metal to slide further, experts suggest to sell on rise

Gold Prices Today: Yellow metal to slide further, experts suggest to sell on rise

Tapan Patel, Senior Analyst (Commodities), HDFC Securities expects gold prices to trade sideways to down for the day with COMEX Spot gold support at $1800 and resistance at $1840 per ounce. MCX Gold June support lies at Rs 49800 per 10 gram and resistance at Rs 50600 per 10 gram.





May 13, 2022 / 10:27 AM IST





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Gold prices on Friday in the international markets were held near a three-month low as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal's fourth consecutive weekly fall. Spot gold was down 0.1% at $1,820.54 per ounce, as of 0054 GMT, having dropped to its lowest since February 7 earlier in the session. US gold futures fell 0.2% to $1,821.20.

At 9:28 am, gold contracts were down 0.11 percent at Rs 50,117 for 10 gram on the Multi-Commodity Exchange (MCX), while silver added 0.13 percent at Rs 58,830 a kilogram.

Fear of rapid rate hikes drove selling pressure in precious metals in the previous trading session, as US inflation figures remained above 40-year high. Yesterday, the US dollar, which normally swings against gold prices, gained 0.90 percent.