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Yellow metal trades flat; March silver up over 1%

Gold may continue to witness mixed trade unless there are fresh triggers but general bias may be on the upside on US stimulus expectations.

Yellow metal trades flat; March silver up over 1%
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Yellow metal trades flat; March silver up over 1%

Gold was trading flat but with a positive bias in Indian markets on February 15 following a positive trend in international spot prices. On the Multi-Commodity Exchange (MCX), April gold contracts were trading higher by 0.18 percent at Rs 47,402 for 10 grams at 0920 hours. March silver futures were trading 1.1 percent higher at Rs 69,925 a kilogram.

Gold and silver prices settled on a mixed note in international markets on February 12. Gold April futures contract settled at $1,824.55 per troy ounce, down by 0.12 percent, and March silver settled at $27.435 a troy ounce.

Domestic markets also mirrored the trend. On February 12, global equities had a mixed session as major Asian markets were shut and the dollar index showed a firm trend and restricted gains.

International gold dipped on February 12 as the dollar firmed. However, silver pushed higher, supported by industrial demand. Domestic gold and silver prices ended mixed, with the yellow metal in the red. Silver tracked overseas prices to close higher.

Technically, MCX April gold is below 47,500 and will continue its bearish momentum up to 47,100-46,900. Resistance is at 47,500-47,650.

March silver bounced back from 68,500 and could take prices to 69,700-70,200 levels. Support is at 68,700-68,000 levels.

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