Gold price today: Rates rise with US inflation data in focus; experts highlight these key levels for MCX Gold
Gold price today: Gold prices climbed in the domestic futures market Monday morning, with investors focusing on the US inflation data, due this week, and geopolitical developments.
Gold price today: Gold prices climbed in the domestic futures market Monday morning, with investors focusing on the US inflation data, due this week, and geopolitical developments. Gold rates were high even in international markets amid rising hopes of a Fed rate cut next week. According to the CME Group's FedWatch Tool, market participants now see an 83 per cent chance of a 25-basis-point rate cut on December 18.
MCX Gold for February 5 expiry traded 0.20 per cent up at ₹76,773 per 10 grams around 9:15 am.
The key near-term triggers for gold prices are geopolitical newsflow and the US Fed's interest rate decision.
On Sunday, Syrian rebels seized the country's capital, Damascus, making President Bashar al-Assad flee to Russia after a 13-year civil war and six decades of his family's autocratic rule.
Moreover, political instability in France and the ongoing Russia-Ukraine war remain key supports for gold as the yellow metal tends to gain amid geopolitical uncertainty.
The US inflation data, due on Wednesday, will now shape expectations of the US Fed's interest rate path as macroeconomic data released last week was mixed, providing no clear direction for the bullion markets.
Rahul Kalantri, VP of commodities at Mehta Equities, underscored that stronger-than-expected US job data capped gold gains last week, though a higher unemployment rate and a surge in jobless claims lent some support to prices.
Experts highlight key levels for MCX Gold
According to Kalantri, gold has support at $2,622-$2,605, with resistance at $2,655-$2,670. Silver has support at $30.80-$30.65, with resistance at $31.25-$31.42.
"In INR terms, gold has support at ₹76,380- ₹76,200, with resistance at ₹76,870- ₹77,040. Silver finds support at ₹91,750- ₹91,280, with resistance at ₹92,950- ₹93,540," said Kalantri.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the US inflation data. However, Jain believes they could hold their key support levels of $2,588 and $29.88 per troy ounce, respectively, on a weekly closing basis.
"Gold has support at $2,642-2,628, while resistance at $2,674-2,688 per troy ounce and silver has support at $31.30-31.00, while resistance is at $31.84-32.10 per troy ounce in today’s session," said Jain.
On the MCX, gold has support at ₹76,400 and ₹76,180 and resistance at ₹76850 and ₹77,100. Silver has support at ₹91,800 and ₹91,150 and resistance at ₹93,000 and ₹93,600," Jain said.
Jain suggests buying gold on dips around ₹76,300 with a stop loss of ₹76,040 for the target of ₹76,850 and silver around ₹91,800 with a stop loss of ₹91,150 for the target of ₹93,000.
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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