Gold Rates: MCX gold inches higher on weaker dollar rates and lower Treasury yields; support is seen at Rs 59840-59670, resistance at Rs 60250-60430

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Wednesday, while Silver rates also rose 0.72%. On the Multi Commodity Exchange, gold December futures were trading at Rs 60315 per gram, up Rs 250, or 0.42%. Silver December futures were trading up Rs 512 at 72105 per kg on the MCX.

Gold prices extended gains on Wednesday, supported by a weaker US dollar and bond yields after data showing slowing US inflation bolstered the view that the Federal Reserve is done with its rate-hike campaign, reported Reuters. Spot gold was up 0.2% at $1,967.27 per ounce, after rising nearly 1% overnight. US gold futures gained 0.2% to $1,971.10.

“The dollar index fell 1% hovering around 104 mark, while benchmark 10-year US Treasury yields hit a more than one-month low after the data, supporting the safe haven appeal for both gold and silver prices. Market participants are still over the edge regarding the geo-politcial tensions between Israel & Palestine and it’s future ahead. Focus today will be on US PPI and Retail sales data from major economies,” Manav Modi added.

Volatility to continue

Rahul Kalantri, VP Commodities, Mehta Equities anticipates continued volatility in today’s session and said that “Gold is expected to find support in the range of $1951-1940, with resistance at $1974-1984. Similarly, silver’s support levels are projected at $22.88-22.72, while resistance is identified at $23.24-23.40. For those trading in INR, gold is anticipated to have support at Rs 59,840-59,670, with resistance at Rs 60,250 and Rs 60,430. Silver, in INR, is likely to find support at Rs 71,050 and Rs 70,530, with resistance levels at Rs 72,150 – Rs 72,630.”

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