Gold to remain bullish above Rs 55,100; Silver may remain volatile

On the upside, Gold futures can rally to Rs 56,580 during the course of the month.

The MCX Gold futures were seen trading on a buoyant note in the first week of 2023, with the commodity finishing with a strong gain of 1.3 per cent. Silver futures on the other hand, traded on a volatile note.

Gold

Bias: Bullish

Last Close: Rs 55,730

Target: Rs 56,580

Support: Rs 55,100

After a 14 per cent rally in 2022, the MCX Gold futures started the New Year 2023, with a 1.3 per cent weekly gain. The MCX Gold March futures rallied nearly 2 per cent in intra-week trades to touch a high of Rs 56,010.

Gold prices are seen trading with a