Gold Rate Today, Gold Price on 23 Nov: Prices down, dollar rebounds; investors cautious ahead of Fed meeting minutes - Gold Price Forecast, Gold Price Outlook | The Financial Express

Gold Price Today, 23 Nov 2022: Prices down; investors cautious ahead of Fed meeting minutes

Gold Rate Today, Gold Price in India on 23 Nov: Gold and US Dollar are driven by hopes of a smaller rate hike by the Fed in its upcoming meetings.

Gold Price Today, 23 Nov 2022: Prices down; investors cautious ahead of Fed meeting minutes
Spot gold was flat at $1,739.90 per ounce. U.S. gold futures edged 0.1% higher to $1,741.60.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was negative on Wednesday as a result of mixed global trends, while silver rate was down 0.13%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,205 per 10 grams, down Rs 84 or 0.16%. Silver December futures were trading Rs 77 down at Rs 60,909 per kg on MCX. Globally, gold prices remained flat as traders remained cautious ahead of the US Fed’s minutes for their policy meeting which would offer insight into continued rate hikes, according to Reuters. Spot gold was flat at $1739.90 per ounce. US gold futures edged 0.1% higher to $1741.60.

Deveya Gaglani, Research Analyst, Axis Securities

Gold prices retreated from 52,500 level after prices failed to sustain near the day’s high in the last session. Comex gold is trading flat near $1740 on Wednesday, as the dollar index corrected on expectations that the Federal Reserve will hike interest rates at a slower pace in the near-term. Fed officials said in recent weeks that the central bank is likely to raise interest rates by 50 basis points (bps) in December. Such a structure is positive for Bullions, which was hammered by aggressive rate hikes this year.

As the US market is closed tomorrow, we have a bulk of important economic data this evening. Investors will be closely tracking it as the economic data print may influence the rate hike decision. Technically speaking, a strong support zone in Comex Gold is seen around the $1730 level. Breakdown and sustained selling below it may drag prices lower towards $1710 by this week. On the other hand, breakouts above $7150 may push prices higher towards $1790 level.

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Prathamesh Mallya, AVP – Research, Angel One

After being under pressure and a series of negative returns, gold prices snapped the losing streak and concluded Tuesday’s session on a positive note. The yellow metal ended Tuesday’s session at 0.14% higher. The US Federal Reserve raised interest rates by 75 basis points for the fourth time earlier this month, and now investors are waiting for the minutes of the meeting to see if there will be any more rate increases. Although gold is regarded as an inflation hedge, rising US interest rates reduce the appeal of non-yielding bullion. We expect gold to trade lower towards 51,990 levels, a break of which could prompt the price to move lower to 51,780 levels.

Ravindra V. Rao, EPAT VP – Head Commodity Research, Kotak Securities

COMEX Gold trades flat near $1740/oz after a muted ending on Tuesday. Gold has been trading steady since it fell by 0.86% at the start of the week. US Dollar Index (DXY) is trading slightly lower after a 0.57% drop in the previous session. DXY recovered to trade as high as 107.47 but didn’t sustain as 107.50 is good support turned resistance. Gold and US Dollar are driven by hopes of a smaller rate hike by the Fed in its upcoming meetings. Focus will now shift to flash PMI numbers from the US along with the FOMC meeting minutes. Weaker PMI print and a dovish language in FOMC minutes might be supportive for gold. On the price front if the price sustains below $1740-$1735 zone on a closing basis the correction might deepen towards $1706 or else recovery can be seen till $1762/oz.

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First published on: 23-11-2022 at 11:01 IST