Gold prices go up on Friday

CHENNAI : Gold prices on Friday -- the last day of the week and FY23 -- went up with the investors booking profits, said an expert.

According to Navneet Damani, Senior Vice President, Commodity Research, Motilal Oswal Financial Services, gold and silver prices witnessed profit booking after gaining by more than 1 per cent, on the back of steady dollar.

"Broader trend on COMEX could be in the range of $1,970-1,995 (per troy ounce) and on domestic front prices could hover in the range of Rs 59,500-60,300 could be expected," Damani said.

"Gold prices moved higher on previous session after weaker US macro data, US GDP for the fourth quarter of 2022 fell slightly lower, from 2.7 per cent to 2.6 per cent, while weekly jobless claims higher than forecasted," said Saumil Gandhi, Senior Analyst -- Commodities, HDFC Securities.

According to the analyst, for this month Comex Gold is up more than 7 per cent bolstered by safe haven demand after the banking-industry turmoil and concerns that the US economy may tip into recession.

"Now investors focus will be on today's US PCE (personal consumption expenditure) price index data which is consider fed's (US Federal Reserve) preferred tool for reviewing inflation trend," Gandhi said.

Gandhi said gold prices could rally further if PCE price index data will come lower than or in line with market forecast.

Comex spot gold having support at $1,955 per ounce and resistance at $2,010 per ounce.

MCX Gold June future having support at Rs 59,480 per 10 gram and resistance at Rs 60,340 per 10 grams.