Gold price today: Gold rates edged up in the domestic futures market in the morning session on Tuesday, December 24, supported by positive global cues. However, a rise in the US dollar and elevated bond yields capped the gains for the yellow metal.
According to Reuters, the dollar held near a two-year high, helped by elevated US Treasury yields.
In international markets, gold prices climbed as investors digested the prospects of less aggressive interest rate cuts by the US Federal Reserve next year.
In the previous session, the gold February futures contract settled with a loss of 0.36 per cent at ₹76,144 per 10 grams amid mixed US economic data and a rebound in the dollar index and the US bond yields.
“The US consumer confidence index fell in December and dropped to 104.7 against November’s revised reading of 112.8. The sharp decline in consumer confidence during the holiday season increased worries about the economy’s health but was unable to support the safe-haven demand for precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“The dollar index and US 10-year bond yields surged once again amid weakness in global equity markets and hawkish Fed guidance for further rate cuts. However, lower-level geopolitical tensions and bargain buying supported gold and silver prices,” Jain said.
Experts’ strategy for MCX Gold
Jain suggests buying gold around ₹76,000 with a stop loss of ₹75,770 for the target of ₹76,500 and also silver around ₹88,650 with a stop loss of ₹88,100 for the target of ₹89,800.
According to Jain, international gold prices have support at $2,614-2,600, while resistance at $2,644-2,658 per troy ounce and silver has support at $29.88-29.55, while resistance is at $30.50-30.84 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹75,920-75,650 and resistance at ₹76,440-76,700, while silver has support at ₹88,450-87,700 and resistance at ₹89,900-90,500.
More to come…
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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.
