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Gold Price Today, 7 Dec 2022: Prices positive as gold rebounds, dollar dips mildly amid weak global markets

The Financial Express logo The Financial Express 07-12-2022 Zoya Springwala
Gold prices are expected to trade with a positive bias for the day amid risk aversion in global markets. © Provided by The Financial Express Gold prices are expected to trade with a positive bias for the day amid risk aversion in global markets.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Wednesday amid negative global cues as investors flocked away from risky assets, instead preferring the safe-haven, while silver rate was up 0.21%. On Multi Commodity Exchange, gold February futures were trading at Rs 53,881 per 10 grams, up Rs 121 or 0.23%. Silver March futures were trading Rs 136 up at Rs 65,550 per kg on MCX.

Globally, gold prices rose across the world as the greenback softened slightly, making bullion more attractive to global investors. However, the price of gold was range bound on Tuesday as investors continue to look to the US Fed for further hints regarding the rate hikes, according to Reuters. Spot gold was up 0.1% at $1,773.17 per ounce. U.S. gold futures rose 0.2% to $1,785.50, while the dollar index inched 0.1% lower.

Also read: Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR pair to trade in this range

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices were marginally higher on Tuesday, as the metals quickly rebounded from Monday’s selling pressure. The bulls have the overall near-term technical advantage. Metals markets were battered by a sharp rise in US interest rates this year, as higher yields increased the opportunity cost of holding non-yielding assets.

Gold has support at $1759-1750 while resistance is at $1778-1787. Silver has support at $21.95-21.76, while resistance is at $22.48-22.61. In INR terms gold has support at Rs 53,380-52,950, while resistance is at Rs 53,980-54,380. Silver has support at Rs 64,650-64,080, while resistance is at Rs 65,920–66,540.

Gold expected to trade with positive bias: ICICIDirect report

Gold prices rose on Tuesday amid a retreat in US treasury yields, with traders awaiting further direction from the Federal Reserve’s interest rate hike strategy. Further, bullion prices were supported as the US trade gap widened to a four-month high of $78.2 billion in October 2022, following an upwardly revised $74.1 billion deficit in September. Exports fell 0.7%, a second consecutive monthly fall, to $256.6 billion, lowest value since May. Gold prices are expected to trade with a positive bias for the day amid risk aversion in global markets and decline in US treasury yields. MCX Gold prices are likely to surpass the hurdle of 54,000 to continue their upward trend towards the level of 54,250. Additionally, MCX Silver prices are expected to take cues from gold prices and trade towards 66,500 level.

Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities

COMEX Gold trades flat after a range bound trade yesterday. Gold has been trading below $1800/oz as traders wait for further cues ahead of important economic data in the week. US Dollar recovered from the lows, earlier in the week as encouraging US services PMI and factory data supported. The US PPI release for November, later in the week will give further cues on the inflation situation in US. As Fed’s stance is based on the inflation print, traders are cautious ahead of the data as seen in the range bound movement in price. Some rebound was seen in investment demand as holdings in SPDR gold shares witnessed some inflows after three straight days of outflows. On the price front, COMEX gold has registered a double top near $1825. So, until the said resistance hold, we expect a range bound move in gold between $1773/oz to $1820/oz.

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