"Gold prices traded up with COMEX spot gold prices were trading near $1794 per ounce on Tuesday. Gold February future contract at MCX were trading 0.48% up near Rs. 48222 per 10 grams by noon session.
Gold prices traded volatile on fading concerns over omicron virus threat and weaker dollar. The lower US bond yields and softer dollar index capped downside in gold prices on Tuesday. US Federal Reserve Chairman Jerome Powell said on Monday that he still expects inflation to recede over 2022 as supply and demand come into better balance. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1780 and resistance at $1810 per ounce. MCX Gold February support lies at Rs. 47900 and resistance at Rs. 48500 per 10 gram."