Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Thursday despite postive global cues, while the silver rate is down 0.13%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,912 per 10 grams, down Rs 59 or 0.11%. Silver March futures were trading up by Rs 92 at Rs 69,675 per kg on MCX.
Globally, the yellow metal prices rose mildly on Friday. Bullion was headed for an annual decline of 0.6% as the dollar emerged as the preferred safe-haven asset amid the Fed’s hefty interest rate hikes, according to Reuters. Spot gold was up 0.2% to $1,818.64 per ounce. U.S. gold futures fell 0.1% to $1,824.60.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were higher on Thursday, aided by a sell-off in the U.S. dollar index. The bullions also gained after the U.S. unemployment claims surged to 2,25,000 last week against previous weeks claim of 2,16,000. The dollar index and the U.S. 10-year bond yields slipped once again following the outcome of the U.S. unemployment data. As per the latest report from the World Gold Council, global central banks are aggressively increasing holdings of gold and also supporting precious metal prices. Gold has support at $1798-1784 while resistance is at $1828-1835. Silver has support at $23.72-23.55, while resistance is at $24.22-24.40. In INR terms gold has support at Rs 54,750-53,550, while resistance is at Rs 55,280, 54,480. Silver has support at Rs 69,050-68,580, while resistance is at Rs 70,420–70,780.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold edged higher, helped by a dip in the dollar as initial unemployment claim data pointed to a cooling off in the U.S. labour market, easing worries about harsher Federal Reserve rate hikes next year. The jobs data led to some dollar weakness and Treasury yields backing off, causing gold to turn around. Initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24, the Labor Department said. Gold earlier this week rallied to its highest in six months on China easing COVID quarantine rules further, yet doubts over official data prompted some countries to enact new travel rules on Chinese visitors. Amidst the Covid concerns local demand is also taking a hit, China’s net gold imports via Hong Kong slipped to their lowest level in six months in November, official data showed on Thursday. On the last working day of 2022, no major data point is scheduled from the US and we could witness thin volumes and lower volatility. Broader trend on COMEX could be in the range of $1785-1825 and on domestic front prices could hover in the range of Rs 54,500-55,200.
MCX Gold is expected to rise: ICICIDirect Report
Gold prices edged up on Thursday, helped by a dip in the dollar as initial jobless claim data pointed to a cooling off in the US labour market, easing worries about harsher Federal Reserve rate hikes next year. Further, bullion prices were supported as US 10 year treasury yields eased after hitting a six-week high. Gold prices are likely to trade with a positive bias mainly on the back of a weak dollar and decline in US treasury yields. However, sharp upside could be capped as investors turned cautious following a worsening Covid situation in top bullion consumer China. MCX Gold is expected to rise towards the key resistance zone of 55300-55400. Additionally, silver prices are likely to take cues from gold prices and continue their upward trend towards 70,600 level