Gold Rates- MCX gold ascends on weaker US Dollar; support is seen at Rs 62020-61810, resistance at Rs 62580-62710

Gold Rates: MCX gold ascends on weaker US Dollar; support is seen at Rs 62020-61810, resistance at Rs 62580-62710

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices soared on Wednesday. while Silver rates advanced 0.26%. On the Multi Commodity Exchange, gold February futures were trading at Rs 62,335 per gram, up Rs 150, or 0.24%. Silver December futures were trading up Rs 192 at 75,471 per kg on the MCX.

“Gold price retreat on the back of some profit booking and also as dollar firms. The economic landscape is presenting mixed signals, the ISM Non-Manufacturing PMI exceeded market expectations by registering at 52.7 pointing to continued expansion in the service sector. However, the Job Openings and Labor Turnover Survey (JOLTs) reported job vacancies falling to a multi-year low of 8.733 million, suggesting some cooling in the labor market. Expectations for a rate cut in early next year has also set the stage for both Gold and Silver prices, CME Fed-Watch tool suggests 60% probability for a rate cut in March 24,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.

Gold prices edged higher on Wednesday as the dollar eased and weaker-than-expected US jobs data cemented expectations that the Federal Reserve’s policy tightening cycle has come to an end, according to Reuters. Spot gold rose 0.2% at $2,023.40 per ounce. US gold futures for February delivery also rose 0.2% to $2,041.20.

Rahul Kalantri, VP Commodities, Mehta Equities, anticipated continued volatility in today’s session and said that gold has a support level at $2010-1996, with resistance at $2038-2051. For silver, the support lies at $24.00-23.78, while resistance is at $24.55-24.72. In terms of INR, gold finds support at Rs 62,020 – 61,810, with resistance at Rs 62,580 – Rs 62,710. Silver’s support is at Rs 74,650 – 74,180, and resistance is at Rs 75,970 – Rs 76,530.”

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