Gold Rates: MCX gold inches higher on expectation that Fed’s hawkish stance may end in near future; support seen at Rs 59940-59770, resistance at Rs 60250- 60430

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices are trading higher on Thursday, while Silver rates traded flat. On the Multi Commodity Exchange, gold December futures were trading at Rs 60,213 per gram, up Rs 102 or 0.17%. Silver December futures are trading flat at Rs 72,350 per kg, down merely 0.03% on the MCX.

Gold prices inched higher on Thursday, buoyed by expectations that the Federal Reserve has come to the end of its tightening cycle, although a rebound in the US dollar kept gains in check, reported Reuters. Spot gold gained 0.1% to $1,961.81 per ounce. US gold futures were flat at $1,964.60.

Rahul Kalantri further anticipated continued volatility in today’s session and added, “we note that gold has support levels at $1948-1936, with resistance levels at $1974-1984. For silver, support is found at $22.88-22.72, while resistance is at $23.24-23.40. In INR, gold is supported at Rs 59,940-59,770, with resistance at Rs 60,250 and Rs 60,430. Silver has support at Rs 71,450 and Rs 70,830, with resistance at Rs 72,550 and Rs 72,930,” Rahul Kalantri, VP Commodities, Mehta Equities.”

Traders eye US weekly jobless claims, Industrial production data

“Gold prices trades steady in the early morning trade on the back of mixed economic data points from the US and a rebound in Dollar, offseting support from hopes that the Federal Reserve had come to the end of its tightening cycle. US New York Empire State manufacturing index bounced back sharply in the positive territory, while along with the CPI, US PPI data was also reported lower than expectations. US retail sales data also came in lower than previous month but was slightly higher than the estimates,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.

“San Francisco Fed President Mary Daly warned against calling time on rate-rising cycle too soon weighing on safe haven assets however, CME Fed-Watch tool suggests that traders are widely anticipating that the Fed could leave the rates unchanged in December Fed meeting. Market participants are keeping their eyes on President Biden’s meeting with Xi Jinping. Focus today will also be on US weekly jobless claims, Industrial production and Phily Fed manufacturing index,” Manav Modi added.

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