Gold price today: Yellow metal trades flat; support seen at Rs 46,800 per 10 grams

Investors awaited a US jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures. Gold is considered a hedge against inflation and currency debasement, which can be caused by massive stimulus measures.

The dollar index -- which gauges the greenback against six currencies -- edged up 0.1 percent, having hit a more than three-week low on Tuesday.

Manoj Kumar Jain, Director-Head of Commodity Research, Prithvi Finmart, said he expects gold prices to remain volatile on Wednesday ahead of the US non-farm data. He pegged support for spot gold at at $1804-1,792 per troy ounce, and resistance at $1,830-1,844 per ounce.

On MCX, Jain suggests buying silver around Rs 63,000 for a target of Rs 63,800 with a stop loss at Rs 62,600.

Gold finds support at Rs 46,920-46,770 and faces resistance at Rs 47,330-47,550, he said. For the white metal, he has pegged support at Rs 62,900-62,500 and resistance at Rs 63,700-64,100 levels.

Gains in the domestic equity market limited the upside for the precious metals. Strength in shares boosts the risk appetite of investors, shifting them away from safety bets such as gold.

"Gold and silver are showing strength in the daily chart and Momentum indicator RSI also giving the positive signal. Gold is showing more strength in comparison to silver. So traders are advised to create fresh buy positions in gold and silver near given support levels,," said Amit Khare, AVP- Research Commodities, Ganganagar Commodities.

He added that traders should also focus on important technical levels for the day:

October Gold: Support 1 – Rs 46,800, Support 2 – Rs 46,500; Resistance 1 – Rs 47.450, Resistance 2 – Rs 47,750.

December Silver: Support 1 – Rs 62,700, Support 2 – Rs 62,100; Resistance 1 – Rs 64,000, Resistance 2 – Rs 64,600.