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In the international market, gold prices rose amid a slip in the dollar index below the 104 mark. On Comex, Gold futures were trading at $2,048.60 per troy ounce, up by $2.20 or 0.11% while Silver futures were trading at $24.170, higher by $0.111 or 0.460%.
The February Gold contract ended Wednesday with declines at Rs 62,391, down by Rs 49 or 0.08%. As for Silver futures, the March contract settled at Rs 74,770, down by Rs 61 or 0.08%.
Analysts advice traders to book their long positions and take fresh short positions
"Gold prices stabilised after a recent 3% drop, with investors considering future interest rates due to a slowdown in the US job market. Concerns about inflation and the possibility of excessive rate cuts initially drove gold to a record high on Monday, but it quickly retreated. The market now suggests a 60% chance of the Fed lowering rates in March," Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
US Fed Chair Jerome Powell’s recent statements indicating a ‘soft landing’ for the US economy reinforced market expectations that interest rates will not be raised soon