Gold Price Today, 6 January- Prices higher; positive US jobs data may support dollar, dampen bullion appeal

Gold Price Today, 6 January: Prices higher; positive US jobs data may support dollar, dampen bullion appeal

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Friday despite mixed global cues, while the silver rate is up 0.5%. On Multi Commodity Exchange, gold February futures were trading at Rs 55,383 per 10 grams, up Rs 93 or 0.17%. Silver March futures were trading higher by Rs 337 at Rs 68,415 per kg on MCX. Globally, the yellow metal prices rose, on track for a third straight weekly gain, according to Reuters. Spot gold rose 0.3% to $1,838.38 per ounce, up about 0.8% for the week so far. U.S. gold futures gained 0.2% to $1,843.80.Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Gold and silver prices were sharply lower on Thursday due to profit taking after the recent upsurge that saw gold hit a six-month high earlier this week and silver an eight-month peak. A strong rally in the U.S. dollar index and U.S. Treasury yields also put pressure on the precious metals. The U.S. ADP national employment report showed 235,000 jobs created in December, compared to the consensus forecast of up 153,000. The gold market saw prices falter following the stronger-than-expected data, which also helped a rally in the U.S. dollar index and pushed U.S. Treasury yields higher. Traders and investors are now focusing on today’s U.S. December employment situation report from the Labour Department. Technically, gold has support at $1818-1805 while resistance is at $1845-1858. Silver has support at $22.95-22.72, while resistance is at $23.55-23.72. In INR terms gold has support at Rs 55,040-54,850, while resistance is at Rs 55,440, 55,580. Silver has support at Rs 67,650-67,280, while resistance is at Rs 68,620–68,980.

Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One

Post witnessing a series of positive returns over the past few sessions, the yellow metal on Thursday retraced by over 1 percent, concluding the day at $1833.2 per ounce. Gold prices, meanwhile, were on course for a third consecutive weekly increase after falling more than 1%, with the market eagerly anticipating a crucial US employment data to determine the Federal Reserve’s stance on rate hikes. The anti-inflationary appeal of bullion is diminished when interest rates rise, and holding the non-yielding commodity has a higher opportunity cost.We expect gold to trade lower towards 55,030 levels, a break of which could prompt the price to move lower to 54,850 levels.