Gold Price Today, 22 Nov 2022- Prices rise as dollar slips; traders look to US Fed for rate hike clues

Gold Price Today, 22 Nov 2022: Prices rise as dollar slips; traders look to US Fed for rate hike clues

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Tuesday as a result of positive global trends, while silver rate was up 0.94%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,451 per 10 grams, up Rs 159 or 0.3%. Silver December futures were trading Rs 570 up at Rs 61,205 per kg on MCX. Globally, the yellow metal rose on Tuesday as the dollar pulled back, with the traders turning to the US Fed’s latest meeting’s minutes for clues about monetary policy tightening. Spot gold rose 0.3% to $1,743.07 per ounce. U.S. gold futures gained 0.3% to $1,744.50.

Prathamesh Mallya, AVP – Research, Angel OneGold prices extend the losing momentum, as the yellow metal slipped 0.68% lower and ended at 1737.8$ per ounce. On Monday, as the dollar soared, gold prices decreased nearly 1% as investors opted for the safe haven’s rival. The dollar appreciated, making gold more expensive for holders of other currencies amidst fresh COVID-19 curbs in China that fuelled worries over the global economic outlook. The US Federal Reserve is anticipated to announce a 50-basis point rate hike at its meeting in December, as attention is now turning to the minutes from its most recent meeting for guidance on further increases. As the US Fed is anticipated to raise interest rates by 50 basis points at its forthcoming meeting, gold prices are anticipated to be under pressure.

Ravindra V. Rao, CMT, EPAT VP – Head Commodity Research, Kotak SecuritiesCOMEX Gold trades near $1745 a 0.30% rise in today’s early session. Gold has been in a corrective mode since the last three sessions as the US Dollar recovered from its lows near 105.34. The US Dollar continued to recover as it rose 0.85% on Monday. Gold fell by 0.86% closing a tad below $1740/oz. Mixed statements by Fed officials have created ambiguity on Fed’s stance on interest rate decisions and helped dollar recovery. Focus will now shift to flash PMI numbers from US and Europe tomorrow along with the FOMC meeting minutes. On the price front gold traded as low as $1733/oz on Monday but later recovered closing the day just below $1740.If the price sustains below $1740 then only the correction might deepen or else recovery can be seen till $1762/oz.