Gold fell on Wednesday but remained on track to set new records as the year came to a close, while other precious metals also rose sharply.
Gold prices today: Gold fell on Wednesday but remained on track to set new records as the year came to a close, while other precious metals also rose sharply.
Spot gold fell 0.3% to $4,334.20 per ounce as of 0032 GMT, after reaching a new high of $4,549.71 on Friday. US gold futures for February delivery fell 1% to $4,346.50 per ounce.
This year's advance in gold has been fueled by interest rate reduction and prospects of additional easing by the US Federal Reserve, as well as geopolitical worries, robust central bank purchases, a lower currency, and increased inflows into exchange-traded funds. Gold prices have risen by roughly 66% this year.
US Federal Reserve minutes
According to the minutes of the US Federal Reserve's December meeting, officials agreed to lower interest rates only after a fiercely contested debate about economic risks in the United States. The Fed is set to meet again on January 27-28, with markets expecting interest rates to remain steady.
Even those who backed the rate cut acknowledged "the decision was finely balanced, or that they could have supported keeping the target range unchanged," given the different risks facing the U.S. economy, according to the minutes released on Tuesday.
Renisha Chainani, Head of Research at Augmont: Gold prices are projected to settle between $4320 (~ ₹134,000) and $4420 (~ ₹137,000) following a significant surge and sell-off this week.
Today's gold price is live: Delhi Gold Rate.
Gold rates in Delhi varied little, with 24K gold priced at ₹13,603 per gram and 22K gold at ₹12,470. The 18K gold price is ₹10,206 per gram. The capital's rates were slightly higher than Mumbai's, reflecting local premiums.
Gold price today. LIVE: Gold rates in India
Gold prices in India fell Wednesday, with 24-karat gold quoted at ₹13,588 per gram, down ₹32. The price of 22-karat gold fell by ₹30 per gram, to ₹12,455.
Gold price today LIVE: Important levels to monitor today
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold is supported between $4,340 and $4,300 per troy ounce, while resistance is at $4,420 and $4,464 per troy ounce. According to Jain, gold's MCX support levels are ₹1,35,200 and ₹1,34,000, while resistance levels are ₹1,37,700 and ₹1,39,200.
Gold price today. LIVE: Why did Gold fall today?
"Gold is dropping from recent highs, with some profit-taking following the robust year-end rise. The fall appears to be more corrective than trend-changing, with broader mood remaining driven by global concern and hopes for better monetary conditions."
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