Today's gold price: At 9:10 am, MCX Gold December futures were 0.21 percent lower at ₹1,23,300 per 10 grams. At ₹1,55,424 per kg, MCX Silver December contracts were down 0.38 percent.
The current price of gold: Due to the weak global cues and the dollar's increase, the rates of gold and silver fell in the domestic futures market on Monday morning, November 17. At 9:10 am, MCX Gold December futures were down 0.21 percent at ₹1,23,300 per 10 grams. At ₹1,55,424 per kg, MCX Silver December contracts were down 0.38 percent.Gold demand and prices were impacted by the dollar index, which remained stable and increased by 0.14%. Since gold is backed by dollars, an increase in the US dollar makes the yellow metal more expensive in other currencies, which affects demand.
The US macro data this week, including the September nonfarm payrolls report on Thursday, are currently the main focus. The market's impression of the state of the greatest economy in the world and expectations for the US Federal Reserve's impending monetary policy decision in December will be shaped by these data prints.
The US macro data this week, including the September nonfarm payrolls report on Thursday, are currently the main focus. The market's impression of the state of the greatest economy in the world and expectations for the US Federal Reserve's impending monetary policy decision in December will be shaped by these data prints.
Government data releases have been postponed due to the recent end of the US government shutdown. The Bureau of Economic Analysis of the Commerce Department may be updating its data release timetable, according to media sources.
In the meantime, Reuters reports that "traders are currently pricing in a 46 per cent probability of a 25 basis points Fed rate cut next month, down from 50 per cent last week." When interest rates are low, gold prices often increase.
It is anticipated that the forthcoming non-farm payrolls report will provide important information about the path of Federal Reserve policy. Following hawkish Fed indications, expectations of a December rate cut fell to 46%, according to Rahul Kalantri, vice president of commodities at Mehta Equities.
In the meantime, Reuters reports that "traders are currently pricing in a 46 per cent probability of a 25 basis points Fed rate cut next month, down from 50 per cent last week." When interest rates are low, gold prices often increase.
It is anticipated that the forthcoming non-farm payrolls report will provide important information about the path of Federal Reserve policy. Following hawkish Fed indications, expectations of a December rate cut fell to 46%, according to Rahul Kalantri, vice president of commodities at Mehta Equities.
Both precious metals are expected to have their best yearly performance in decades, despite short-term volatility. Bullion's upward momentum is still being fueled by strong central bank purchases and ongoing interest in safe havens in the face of economic and geopolitical uncertainties, according to Kalantri.
Silver and gold: important levels to keep an eye on
Gold has resistance around $4,115 and $4,140 and support at $4,035 and $4,000, according to Kalantri. Silver faces resistance at $51.25 and $51.50 and support at $50.30 and $49.85.
According to Kalantri, gold has resistance between ₹1,24,950 and ₹1,25,500 in INR and support at ₹1,22,950 and ₹1,22,380. Silver has resistance at ₹1,56,740 and ₹1,57,880 and support at ₹1,53,850 and ₹1,52,500.
Silver and gold: important levels to keep an eye on
Gold has resistance around $4,115 and $4,140 and support at $4,035 and $4,000, according to Kalantri. Silver faces resistance at $51.25 and $51.50 and support at $50.30 and $49.85.
According to Kalantri, gold has resistance between ₹1,24,950 and ₹1,25,500 in INR and support at ₹1,22,950 and ₹1,22,380. Silver has resistance at ₹1,56,740 and ₹1,57,880 and support at ₹1,53,850 and ₹1,52,500.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, MCX Gold is anticipated to stay within a band of ₹1,23,000 to ₹1,24,000 per 10 grams, with a positive bias, in line with global trends.
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