Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was negative on Thursday as a result of negative global cues, while silver rate was down 0.27%. On Multi Commodity Exchange, gold February futures were trading at Rs 53,957 per 10 grams, down Rs 30 or 0.06%. Silver March futures were trading Rs 180 down at Rs 66,087 per kg on MCX.
Globally, gold prices eased as the dollar rebounded marginally. Traders remain muted as they look towards the US Fed for direction on further rate hikes, according to Reuters. Spot gold fell 0.2% to $1,783.50 per ounce, after rising more than 1% on Wednesday supported by a pullback in the dollar and U.S. bond yields. U.S. gold futures were down 0.2% to $1,795.10.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices rose on Wednesday amid an increasing number of warnings that rising interest rates and stubborn inflation will cause a US recession in 2023. An inversion in the US yield curve was also perceived by several market participants as an indicator of an impending recession.
But while gold has largely lost its safe haven status this year, speculation that the dollar has peaked this year weighed on the greenback, thus fuelling recent flows into the yellow metal. Traders are waiting for the US PPI data, scheduled to be released on Friday that will give further directions on the Fed instance on the raising interest rates in its December policy meetings.
Gold has support at $1769-1758 while resistance is at $1788-1798. Silver has support at $22.20-21.96, while resistance is at $22.62-22.80. In INR terms gold has support at Rs 53,680-53,450, while resistance is at Rs 54,280, 54,450. Silver has support at Rs 65,650-65,080, while resistance is at Rs 66,520–66,840.
Ravindra Rao, CMT, EPAT VP-Head Commodity Research, Kotak Securities
COMEX Gold trades mildly lower after a near 1% rise in the previous session. Gold price moved above $1800 but did not sustain as it is trading near $1794/oz as of this writing.US Dollar retreated after testing a high near 105.80 whereas US 10-year bond yields slipped to two and half month lows. The major factor supporting gold is the expectation of a lower rate hike pace by the Fed. However, the Fed has indicated that the rate hike might go on for longer than previously expected. The US PPI for November will give further cues on the inflation situation in the US. PPI data will be followed by CPI and the last FOMC meeting for 2022 in the coming week. On the price front COMEX gold has registered a double top near $1825/oz. So, until the said resistance hold, we expect a range bound move in gold between $1773/oz to $1820/oz.
China adds 32 tonnes of gold to reserves: ICICDirect report
Gold prices advanced on Wednesday amid a retreat in the US dollar and US treasury yields as investors anticipate slower rate hikes from the Federal Reserve at its policy meeting next week. Further, China’s central bank said on Wednesday that it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019. Gold prices are expected to trade with a positive bias for the day amid weakness in dollar and decline in US treasury yields. Meanwhile, investors will closely watch initial jobless claims data from the US, which is likely to show that more number of people filled for unemployment claims. MCX Gold prices are likely to continue their upward trend towards the level of 54,250. Additionally, MCX silver prices are expected to take cues from gold prices and trade towards 67,000 level.