Gold price today: At 9:10 am, MCX Gold December futures were 0.36% down at ₹1,25,480 per 10 grams. At ₹1,60,950 per kg, MCX Silver December contracts were 0.20% lower.
Gold price today: Despite continued attention to the US Fed's monetary policy for next month, the rates of gold and silver fell in morning trading on the MCX on Thursday, November 27, due to profit booking following the previous gain. At 9:10 am, MCX Gold December futures were down 0.36%, at ₹1,25,480 per 10 grams. At ₹1,60,950 per kg, MCX Silver December contracts were 0.20% lower.
The US Federal Open Market Committee (FOMC) will convene on December 9–10 to determine monetary policy at a time when inflation is still sticky and the US labor market is showing signs of deterioration.
The Producer Price Index data for September and US retail sales statistics have increased expectations for a rate drop in December.
In September, US retail sales increased more slowly than anticipated. According to figures from the US Commerce Department, overall retail sales increased by 0.2% month over month in September after rising by 0.6% in August. In November, US consumer confidence fell to its lowest point since April.
According to the US Labor Department, the Producer Prices Index (PPI) increased in September by 0.3%, as predicted.
The FedWatch tool from the CME indicates that traders are pricing in an 85% probability of a rate cut in December.
In the meantime, the drop in gold prices was restrained by a declining US dollar. Gold sentiment was impacted by the dollar index's 0.10% decline. When the value of the US dollar declines, the precious metal becomes more affordable in other currencies, increasing demand.
Due to the US dollar's volatility and ahead of important macro data in Europe, experts predict that gold prices will continue to fluctuate.
Manoj Kumar Jain of Prithvifinmart Commodity Research stated, "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets, ahead of the key European economic data."
Silver and gold: important levels to keep an eye on
In today's session, silver has support at $52.20 and $51.70 and resistance at $53.40 and $54.00 per troy ounce, while gold has support at $4,164 and $4,140 and resistance at $4,240 and $4,270 per troy ounce, according to Jain.
According to Jain, silver has support at ₹1,63,300 and ₹1,62,000 and resistance at ₹1,67,700 and ₹1,70,000 on the MCX, while gold has support at ₹1,27,000 and ₹1,26,350 and resistance at ₹1,28,200 and ₹1,29,100.
Jain recommends purchasing silver between ₹1,63,500 and ₹1,62,000 with a stop loss below ₹1,60,600 for the targets of ₹1,67,700 and ₹1,70,000, and purchasing gold between ₹1,27,000 and ₹1,26,300 for the targets of ₹1,28,200 and ₹1,29,000.
Gold has support between $4,130 and $4,095 and resistance at $4,195 and $4,225, according to Rahul Kalantri, VP of Commodities at Mehta Equities. Silver's resistance is around $53.65 and $53.90, while its support is at $52.65 and $52.35.
According to Kalantri, gold has resistance at ₹1,26,650 and ₹1,27,100 and support at ₹1,25,350 and ₹1,24,780 in INR. Silver faces resistance at ₹1,62,110 and ₹1,63,000 and support at ₹1,60,350 and ₹1,59,600.
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