Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Thursday as a result of positive global trends, while silver rate was up 1.85%. On Multi Commodity Exchange, gold February futures were trading at Rs 53,315 per 10 grams, up Rs 384 or 0.73%. Silver December futures were trading Rs 1,150 up at Rs 63,390 per kg on MCX. Globally, the yellow metal prices rose to touch a two-week high as a result of the falling dollar post US Fed Chair Jerome Powell’s speech singalled a reduction in interest rate hikes, according to Reuters. Spot gold rose 0.4% to $1,774.62 per ounce and hit its highest level since 16 November. US gold futures climbed 1.6% to $1,788.70.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver futures prices are trading solidly higher today following a dovish speech on interest rates by Federal Reserve’s Jerome Powell on Wednesday. Consequently, a weaker dollar has kept the gold price on track for its best month since May 2021. Gold prices gained 7% in November. Besides, precious metals also got support due to weak US labour market data. The dollar index showed its biggest monthly fall since 2010 and supported global commodity prices.
Gold has support at $1764-1754 while resistance is at $1788-1795. Silver has support at $21.88-21.62, while resistance is at $22.48-22.71. In INR terms gold has support at Rs 52,280-51,950, while resistance is at Rs 52,650, 52,880. Silver has support at Rs 61,650-60,980, while resistance is at Rs 62,920–63,440.
Ravindra Rao, CMT, EPAT VP – Head Commodity Research, Kotak Securities
COMEX Gold trades half a percent higher in today’s early session after 1% increase in the previous session. COMEX Gold inched up by 8.71% in the month of November gaining after straight seven months of fall. The jump in yesterday’s session was on the back of the US Fed Chair Jerome Powell’s speech that cemented the smaller rate hike expectation in their upcoming policy meetings. Although the smaller rate hike expectation has propped up gold prices, the gains may be capped as there is still no indication of an end point to the rate hikes. The focus will now shift to the US non-farm payrolls print later this week. The near-term outlook remains positive. However, traders will watch for the data prints to take further cues.
Bhavik Patel, Commodity and Currency Analyst, Tradebull Securities
Gold prices traded opened higher today as market participants reacted to Chairman Jerome Powell’s speech that the central bank is on track to raise interest rates by a half percentage point at its next meeting. The confirmation of a slower pace of tightening prompted the market to go bid for risk assets, bonds, as well as gold which was trading around $1745 jumping to $1780 after Fed’s comment. Gold still has to clear the hurdle of $1800 which it is unable to do because hedge funds have yet to take long positions. We believe any sustainable rally in gold will only come once gold manages to sustain above $1800. In MCX after the gap up opening, we would recommend gold to settle down around Rs 53,100-53,000 before taking a long position for expected target of Rs 53,450 and stoploss of Rs 52,800.