Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was negative on Monday as a result of negative global trends, while silver rate was down 0.46%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,448 per 10 grams, down Rs 96 or 0.18%. Silver December futures were trading Rs 286 down at Rs 61,390 per kg on MCX. Globally, the yellow metal prices softened as the dollar gained due to the safe-haven demand as a result of protests in China over the country’s strict lockdown and restrictions. Spot gold was down 0.4% at $1,749.00 per ounce. U.S. gold futures fell 0.2% to $1,749.90.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices gained last week post dovish remarks from the US Fed officials in the November month meeting minutes. The US Fed officials signalled the slow pace of interest rate hikes going ahead, which pushed the dollar index and the US bond yields lower and supported precious metal prices. Gold and silver also gained due to geo-political tensions and mixed economic data released last week. Gold prices entered backwardation on Friday; spot gold prices traded at higher levels than futures, a phenomenon known as backwardation which indicates that near term demand for the gold is increasing.
We expect gold and silver to remain volatile this week ahead of the US quarterly GDP data and ADP non-farm employment data. Gold has support at $1734-1720 while resistance is at $1755-1764. Silver has support at $20.88-20.65, while resistance is at $21.42-22.58. In INR terms, gold has support at Rs 52,420-52,250, while resistance is at Rs 52,680-52,820. Silver has support at Rs 61,250-60,680, while resistance is at Rs 62,100–62,340.
Ravindra V. Rao, CMT, EPAT VP- Head Commodity Research, Kotak Securities
COMEX Gold traded flat in the previous week amid a range bound US dollar that initially rose but later fell on back of FOMC minutes. Trading volumes were thin on account of the US Thanksgiving holiday. In today’s early session gold is trading slightly lower near $1750 amid unrest in China over renewed COVID-19 lockdowns. Focus for the week will be on US data prints like the Q3 GDP, ISM manufacturing PMI and Non-farm payrolls report. Fed Chair Powell’s speech will also be looked at if his language seems more dovish after weaker than expected recent data prints along with cooling inflation.
Prathamesh Mallya, AVP – Research, Non-Agri Commodities and Currencies, Angel One
After witnessing a short pause during the previous week, gold prices were back in positive territory, concluding the week with gains of over 1%. The dollar, a safe haven alternative, had risen as a rise in COVID-19 cases in China, which fueled concerns about the future of the global economy, thus the price of the yellow metal did start the week on a lower note.
The possibility that the US Federal Reserve will increase interest rates by 50 basis points at its next meeting drove the dollar higher. However, a dip in the dollar index and the release of the US Fed meeting minutes, which likely indicated that the rate hike pace will slow down in the forthcoming meetings, helped the yellow metal march higher and ultimately end on a winning note. The upside in gold is likely to be limited, given the anticipation that, the US Fed in its upcoming meeting would hike the interest rates by 50 basis points