On the Multi-Commodity Exchange , gold futures climbed 0.19 per cent at Rs 47,165 for 10 grams at 1030 hours IST on June 22.
In the international market, gold prices edged higher on Tuesday, as a pullback in the dollar lifted demand for the safe-haven metal.
“International spot gold and silver prices have started flat this Tuesday morning in Asian trade ahead of Fed Chairman Powell testimony tonight.
“Domestic gold and silver prices could start flat on Tuesday morning, tracking overseas prices.
Most of gold’s panic selling seems now done, however the precious metal will remain sensitive to new macro data, especially employment and inflation, new Fed annotations, the US dollar price performance and the US Treasury yields,” said Sandeep Matta, founder, TRADEIT investment advisor.
In the domestic market, “We anticipate short term recovery in the market till Rs 47,650 until it’s trading above the levels of Rs 46,900 on daily basis.
“The gold market is finding some support from the European Central Bank as its president Christine Lagarde reiterated the central bank’s stance that it is not ready to look at tightening its monetary policy anytime soon.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce,” he mentioned.
“Gold and silver are showing some recovery on daily chart and both are trading near oversold zone, We can see some short covering rally in gold and silver.