Gold price today: Rates rise ahead of US Fed minutes; experts highlight key MCX levels to watch

Gold price today: The rates of gold and silver rose in the domestic futures market on Wednesday (November 19) morning amid decent spot demand and a stable dollar. MCX Gold December futures traded 0.20 per cent higher at ₹1,22,884 per 10 grams around 9:10 am. MCX Silver December contracts traded 0.45 per cent higher at ₹1,55,337 per kg at that time.

The focus is now on the release of the minutes of the US Fed's last policy meeting. The Fed, in its October policy meeting, cut the interest rate by 25 basis points to the range of 3.75% - 4.00%. The market is expecting the central bank to cut rates again in December.

However, a lot will depend on the US labour market data.

"Gold and silver witnessed sharp volatility, declining early in the session before rebounding after the release of US unemployment claims. Jobless claims rose to 2,32,000, up from 2,18,000 previously. Traders are now focused on the FOMC minutes and the upcoming labour market report for insights into the Federal Reserve’s policy stance," said Rahul Kalantri, VP of commodities at Mehta Equities.

However, policymakers’ persistent doubts about additional easing continue to weigh on sentiment. Simultaneously, weakness in technology stocks and concerns over stretched valuations have pressured broader markets, giving gold some safe-haven support, Kalantri said.

Gold and silver: Key MCX levels to watch

According to Kalantri, gold has support at $4,035 and $4,000, while resistance is at $4,115 and $4,140. Silver has support at $50.30 and $49.85, while resistance is at $51.15 and $51.50.

In INR terms, Kalantri said gold has support at ₹1,21,950 and ₹1,21,380 while resistance is at ₹1,23,350 and ₹1,23,900. Silver has support at ₹1,53,850 and ₹1,52,500, while resistance is at ₹1,55,740 and ₹1,56,880.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile ahead of the FOMC meeting minutes.

He expects gold to trade in the range of $3,960 and $4,180 per troy ounce and silver to trade in the range of $48.40 and $52.50 per troy ounce this week.

"Gold has support at $4,034 and $4,010, while resistance is at $4,088 and $4,110 per troy ounce, and silver has support at $50 and $49.40, while resistance is at $51.10 and $51.65 per troy ounce in today’s session," said Jain.

"MCX gold has support at ₹1,22,000 and ₹1,21,100 and resistance at ₹1,23,350 and ₹1,24,000 while silver has support at ₹1,53,500 and ₹1,52,200 and resistance at ₹1,55,800 and ₹1,57,000," he added.

Jain suggests buying gold on dips around ₹1,22,000 and ₹1,21,600 with a stop loss below ₹1,21,100 for the targets of ₹1,23,350 and ₹1,24,000. As for silver, Jain recommends buying around ₹1,53,500 and ₹1,52,000 with a stop loss below ₹1,50,500 for the targets of ₹1,55,000 and ₹1,57,000.

According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, the MCX gold December contract may remain within a range of ₹1,22,000 to ₹1,23,000 per 10 grams. He said a clear trend may emerge beyond these levels.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.