Gold price today: MCX silver March contracts were 1.64% lower at ₹1,94,657 per kg at 9:10 am, while MCX gold February futures were 0.48% lower at ₹1,33,492 per 10 grams.
Gold price today: Due to profit booking in the face of weaker spot demand and a lack of new triggers, the rates of gold and silver on the MCX fell during morning trading on Tuesday, December 16. Around 9:10 am, MCX silver March contracts were down 1.64% at ₹1,94,657 per kg, while MCX gold February futures were down 0.48% at ₹1,33,492 per 10 grams.
However, as the US dollar fell to almost a two-month low, worldwide gold prices were trading close to a record high of almost $4,300 per troy ounce.
For additional information on the Federal Reserve's monetary policy outlook, investors are now waiting for the US nonfarm payrolls report later in the day.
Markets are pricing in a 76% probability of a 25-basis-point rate cut in January, according to CME's FedWatch tool.
In response to U.S. macroeconomic data, which will influence expectations for the U.S. Federal Reserve's policy actions, experts predict that gold and silver prices will continue to fluctuate this week. News on the conflict between Russia and Ukraine, as well as policy meetings of the Bank of England (BoE) and the Bank of Japan (BOJ), will also be highlighted.
MCX silver March 5 expiry finished 2.7% higher at ₹1,98,049 per kg on Monday, while MCX gold February 5 contracts reached a new high of ₹1,35,496 but closed 0.33% higher at ₹1,34,061.
Is now a good time to purchase gold?
Because of expectations for a rate cut and uncertainty around the world, many think gold's medium-term outlook is still favorable. On declines, they advise purchasing the yellow metal.
Manoj Kumar Jain of Prithvifinmart Commodity Research stated, "We recommend purchasing gold on dips around ₹1,33,600 with a stop loss of ₹1,32,800 for the target of ₹1,35,000 and waiting for some corrective dips in silver to initiate fresh long positions."
Before making a move, traders should consider the important levels of support and resistance, according to experts.
Jain claims that while silver has support at ₹1,96,200 and ₹1,94,400 and resistance at ₹2,00,000 and ₹2,01,400, MCX gold has support at ₹1,33,500 and ₹1,32,800 and resistance at ₹1,34,850 and ₹1,35,500.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, MCX gold February futures could drop to ₹1,33,000 per 10 grams during the intraday today.
Gold has support between ₹1,33,250 and ₹1,32,450, while resistance is at ₹1,34,950 and ₹1,35,670, according to Rahul Kalantri, vice president of commodities at Mehta Equities. Silver has resistance at ₹1,99,810 and ₹2,01,270 and support at ₹1,96,450 and ₹1,95,280.
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