Gold Rates: MCX gold inches higher on weaker US Dollar, Treasury Yields; support is seen at Rs 62120-61850, resistance at Rs 62780-63000

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Tuesday, while Silver rates slipped 0.15%. On the Multi Commodity Exchange, gold February futures were trading at Rs 62,487 per gram, up Rs 118, or 0.19%. Silver December futures were trading down Rs 114 at 76054 per kg on the MCX.

“Gold and silver prices rallied in the earlier session as markets bet that the Federal Reserve could begin cutting interest rates by as soon as March 2024, even as central bank officials remained cautious. Attack on an American warship and commercial vessels in the Red Sea, ramped up concerns over an escalation in the Israel-Hamas war, increasing the safe haven appeal for both gold and silver prices. Fed Chair Jerome Powell, in his speech last week reiterated his stance that US rates will remain higher for longer, but also acknowledged the progress made towards curbing inflation and the potential for a ‘soft landing’ for the US economy,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.

Gold prices rose on Tuesday, as the US dollar and Treasury yields fell after traders slightly pared bets for an interest rate cut by the US Federal Reserve in the first quarter of 2024, according to Reuters. Spot gold was up 0.8% at $2,087.79 per ounce. Bullion had surged to an all-time high of $2,135.40 on Monday, before dropping over $100 in a single day to close 2% lower.

Rahul Kalantri, VP Commodities, Mehta Equities said that the strong demand from global central banks and downbeat US economic data could provide support for both precious metals at lower levels. “We anticipate that gold and silver prices will remain volatile in today’s session. Gold has support at $2018-2005, with resistance at $2051-2064. Silver has support at $24.35-24.20, and resistance is at $24.62-24.80. In INR, gold has support at Rs 62,120-61,850, with resistance at Rs 62,780 – 63,000. Silver has support at Rs 75,450-74,780, and resistance at Rs 76,970 – 77,530,” Rahul Kalantri added.

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