Gold prices in Thursday’s session (February 20, 2025) gained ground even as the US Federal Reserve signalled caution in its latest meeting minutes. On the MCX, at around 11:45 am April Gold futures were trading close to all-time high clinched in the previous session, with gains of 0.62 per cent or Rs 533 at Rs 86,443 per 10 gm.
Silver March futures, on the other hand, gained even sharply, by as much as 0.71 per cent or Rs 683 at Rs 97,089 per kg.
Primarily, gains in precious metals are fuelled amid ongoing concerns over President Trump’s tariff policies, which may spur inflationary pressure and global trade war.
Internationally, spot gold marked an all-time high for the second consecutive day today and was last up 0.43 per cent or $12.55 at $2,945.91 per ounce. Gold April Futures (GCJ5), meanwhile, gained 0.93 per cent to $ 2,963.31 an ounce.
In the previous session, gold and silver showed mild profit taking amid hawkish comments on the Federal fund rates in the January month monetary policy meeting minutes released on Wednesday. The US Fed said that the inflation reading is higher and will watch out more economic data before next easing.
The dollar index and the US bond yields gained after FOMC minutes and pushed gold and silver prices lower.
Factors supporting rise in precious metal prices
Safe-haven buying due to US tariff uncertainty is supporting prices of gold and silver. Investors demand is also increasing in gold ETF and that is also likely to support prices of precious metals.
Short term outlook for precious metals
Gold and silver could hold its key support levels of $2,800 and $30.88 per troy ounce respectively on a weekly closing basis in the international markets. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, the US trade war and ahead of the U.S. jobless claims data, noted Manoj Jain, Director- Prithvi Finmart.
Gold and silver support and resistance levels
Gold has support at $2922-2904, while resistance at $2950-2970 per troy ounce and silver has support at $32.80-32.55, while resistance is at $33.30-33.64 per troy ounce in today’s session. At MCX, gold is having support at 85550-85200 and resistance at 86360-86650 while silver is having support at 95800-95150 and resistance at 97200-98000.
Trading strategy in gold and silver
We suggest buying gold around 85650 with a stop loss of 85330 for the target of 86350 and also suggest buying silver around 96200 with a stop loss of 95550 for the target of 97500, noted Jain.
ग्लोबल मार्केट में करीब $25 का उछाल
COMEX गोल्ड $2,960 के ऊपर
चांदी में भी मजबूती, `97000 के करीब भाव