Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was negative on Monday due to negative global trends, while silver rate was down 0.78%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,515 per 10 grams, down Rs 73 or 0.14%. Silver December futures were trading Rs 472 down at Rs 60,403 per kg on MCX. Globally, the yellow metal fell on Monday as traders looked to the US Fed for signals regarding the rate hikes, while the dollar gained, according to Reuters. Spot gold fell 0.2% to $1,746.65 per ounce. US gold futures shed 0.4% to $1,747.90.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices settled lower on Friday, amid caution over the future monetary policy decision by the US Fed. We expect precious metals to remain under pressure in today’s session. Gold has support at $1734-1720 while resistance is at $1755-1764. Silver has support at $20.55-20.40, while resistance is at $20.96-22.10. In INR terms, gold has support at Rs 52,420-52,280, while resistance is at Rs 52,780-52,950. Silver has support at Rs 60,350-59,780, while resistance is at Rs 61,470–61,880.
Navneet Damani, Senior VP, Motilal Oswal Financial Services
Gold prices stalled around the $1,750 level, after marking its worst week in five, as traders awaited further cues on central banks’ interest rates strategy. Asian share markets turned hesitant as investors fretted about the economic fallout from fresh COVID-19 restrictions in China, while bonds and the dollar braced for further updates on US monetary policy.
Fed officials were very active in the previous week, as a few mentioned about slowdown in the pace of rate hike, like Atlanta Fed President Bostic who is ready to “move away” from 75 bps rate hikes at the Fed’s December meeting, while other Fed members like Bullard continue to talk in favor of further hikes, with an objective to bring inflation near the 2% target. The Fed at its December meeting is still expected to raise rates by half a percentage point. The economic calendar is muted for the day on the US front. Broader trend on COMEX could be in the range of $1720-1760 and on domestic front prices could hover in the range of Rs 52,200-52,900
Prathamesh Mallya, AVP- Research, Angel One
Post the gains in the previous week, the yellow metal ended the week on a lower note, snapping the positive streak. Bullion cracked over a percent. Although there were hopes that the US Fed will decrease the pace of interest rate increases, which were further supported by a decline in US inflation, gold started the week on an upbeat note, rising to three-month highs and maintaining the winning momentum.
Additionally, worries about geopolitics spurred demand for safe-haven investments. On the other hand, the US Dollar index began to show indications of recovery, which limited the rise in the price of gold because an increasing dollar makes gold more expensive for holders of other currencies. Last but not least, statements from several US Federal Reserve officials dented the sentiments as the central bank is expected to hike interest rates.