Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Thursday, while Silver rates also rose 0.44%. On the Multi Commodity Exchange, gold October futures were trading at Rs 61,183 per gram, up Rs 159, or 0.26%. Silver December futures were trading down Rs 324 at 73,150 per kg on the MCX.
Gold prices rose on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker US dollar and lower Treasury yields buoyed demand for bullion, according to Reuters. Spot gold was up 0.4% at $1,997.39 per ounce, after hitting a three-week high of $2,007.29 on Tuesday. US gold futures gained 0.3% to $1,998.60.
“Gold prices continue to trade close to a key $2,000 level, as an overall weaker dollar and lower US Treasury yields buoyed demand for bullion. Traders widely expect the US Fed to leave rates unchanged in December, but dialled back expectations of rate cuts in 2024 leading to some volatility in safe haven assets. Updates regarding a temporary ease off in the Israel – Palestine dispute did not trigger any major move in the market, market participants are awaiting further updates regarding the same. Today volatility could be a bit lower on the back of the US Thanksgiving holiday, however focus will be on the Preliminary Manufacturing and Services PMI data from EU and UK,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.
Rahul Kalantri, VP Commodities, Mehta Equities expects gold and silver prices to remain volatile in today’s session and said that “Gold has support at $1,981-$1,968, with resistance at $2,008-$2,021. Silver has support at $23.50-$23.35, while resistance is at $23.86-$24.05. In INR, gold has support at Rs 60,920-Rs 60,760, with resistance at Rs 61,280 and Rs 61,470. Silver has support at Rs 72,050-Rs 71,380, and resistance at Rs 73,570 and Rs 74,130.”