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"Benchmark indices ended the first week of 2024 with minor losses, and the midcap index ended the week with gains for the second consecutive week. Sectoral indices ended the week on a mixed note. Eight out of 12 sectors rose while four declined. The realty sector was the top gainer, rising more than 7%," Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said.
Analyst Anuj Gupta, Commodity & Currency Head at HDFC Securities sees Comex gold trading between $2,030 to $2,050 today with a positive bias and MCX gold within Rs 62,000 - Rs 63,000 range. As for silver, March contracts are likely to trade between Rs 71,500 and Rs 73,500, Gupta said.
Taking cues from the international market, MCX February gold futures were trading lacklustre in the opening trade.
The possibility of an escalation of tensions in the Red Sea and updates regarding other geopolitical tensions supported gold prices
According to the CME FedWatch Tool, traders are pricing in a 75% chance of monetary policy easing in March