Yellow metal held steady, set for its second consecutive weekly gain, supported by a weaker US dollar as markets grew confident that the US Fed was done with its interest rate hikes.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices are trading higher on Friday, while Silver rates traded flat. On the Multi Commodity Exchange, gold December futures were trading at Rs 61,150 per gram, up Rs 78 or 0.13%. Silver December futures are trading flat at Rs 72,900 per kg, up merely Rs 2 on the MCX.
Gold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker US dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes, according to Reuters. Spot gold held ground at $1,992.73 per ounce. Bullion has risen 0.7% this week. US gold futures were little changed at $1,993.60.
“Gold prices trade steady as the US dollar ticked lower, but investors remained largely on the sidelines in holiday shortened trading with uncertainty around the Federal Reserve’s rate path. The lighter trade volumes on the back of US Thanksgiving Day also contributed to the lower volatility witnessed in yesterday’s session. Expectations that the Federal Reserve may pursue less aggressive interest rate hikes have supported the recent rally in gold prices. “However, US economic indicators this week sent mixed signals to investors, unemployment claims dropped significantly, suggesting strength in the labor market, while consumer sentiment revealed growing concerns over inflation, and durable goods orders showing a decrease,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.
Rahul Kalantri, VP of Commodities, Mehta Equities believes that the US manufacturing PMI data which is scheduled for release later today could provide guidance for the precious metals market. “Anticipate continued volatility in today’s session for both gold and silver. Gold finds support at $1981-1968, with resistance at $2008-2021. Meanwhile, silver has support at $23.48-23.32 and resistance at $23.86-24.05. In terms of INR, gold has support at Rs 60,920-60,760 and resistance at Rs 61,280, 61,470. Silver’s support in INR is at Rs 72,050-71,380, and resistance stands at Rs 73,570, 74,130,” Rahul Kalantri added.
Source:financialexpress.com