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Gold Price Today, 30 Nov 2022: Prices higher as dollar falls; investors eye Fed chair Powell’s speech

Gold Rate Today, Gold Price in India on 30 November: Gold and silver prices were moderately higher on Tuesday due to some safe-haven demand that surfaced amid the civil unrest in China.

Gold Price Today, 30 Nov 2022: Prices higher as dollar falls; investors eye Fed chair Powell’s speech
Globally, the yellow metal prices rose as the dollar softened.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Wednesday as a result of positive global trends, while silver rate was up 0.4%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,540 per 10 grams, up Rs 232 or 0.4%. Silver December futures were trading Rs 264 up at Rs 61,415 per kg on MCX. Globally, the yellow metal prices rose as the dollar softened, as investors are keenly eyeing the Fed Chairman, Jerome Powell’s speech for cues regarding further hikes in interest rates. Spot gold was up 0.1% at $1,751.89 per ounce. US gold futures rose 0.1% to $1,765.40.

Also read: Rupee opens higher amid retreat in dollar; rising risk in markets; USDINR to trade sideways in this range

Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were moderately higher on Tuesday due to some safe-haven demand that surfaced amid the civil unrest in China. Precious metals were also up as the US dollar index eased marginally even as crude oil prices traded higher.

Technically, gold has support at $1738-1724 while resistance is at $1758-1770. Silver has support at $20.80-20.65, while resistance is at $21.42-22.58. In INR terms gold has support at Rs 52,120-51,850, while resistance is at Rs52,550, 52,680. Silver has support at Rs 60,450-59,780, while resistance is at Rs 61,520–61,840.

Ravindra V. Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities
COMEX Gold is trading flat today after gaining 0.48% in yesterday’s session. Although gold closed higher yesterday, it was bounded in a range as traders await important US economic data prints as well as Fed Chair Powell’s speech. The US Dollar index is also range bound between 107-106 after a recovery from lower levels. Gold is set for a best month in this year as the expectation of a smaller rate hike by Fed in their upcoming meetings has supported the yellow metal. Traders are on the side-lines awaiting the Fed chair speech as that will provide more cues on the US economy and Fed’s stance in the future monetary policy. Next three days will be important for precious metals amid important data prints like US Q3 preliminary GDP, ISM manufacturing PMI and NFP report.

Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold gained marginally in yesterday’s session despite gains in the dollar against its major crosses. Reaction on the dollar has been muted even after consumer confidence numbers released from the US came in below estimates. Investors’ focus this week will be on Federal Reserve Chair Jerome Powell’s speech on the US economy that is scheduled today and labor market for clues on the monetary policy outlook. The US Labor Department’s November nonfarm payrolls data due on Friday is expected to provide more clarity on the Fed’s rate-hike path. US Treasury yields rose in choppy trading as investors waited for upcoming data including third-quarter US GDP data; expectation is that the data could come in better-than-expectation and that could support the dollar at lower levels.

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First published on: 30-11-2022 at 10:01:33 am