Gold Price Today, 27 Dec 2022- Prices positive, dollar drops; gold to trade in green, support at Rs 54,000

Gold Price Today, 27 Dec 2022: Prices positive, dollar drops; gold to trade in green, support at Rs 54,000

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday amid positive global cues, while the silver rate is up 0.25%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,753 per 10 grams, up Rs 76 or 0.14%. Silver March futures were trading up by Rs 175 at Rs 69,250 per kg on MCX. Globally, gold edged up on Tuesday as trading volumes have thinned during the Christmas period. The dollar softened, making gold less expensive for overseas traders, according to Reuters. Spot gold was up 0.4% at $1,804.71 per ounce. U.S. gold futures rose 0.5% to $1,812.50 while the dollar index slipped 0.2%.Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver witnessed sideways movement on Monday due to lack of cues from global markets. Bullions had recovered from their lows on Friday after mixed U.S. economic data and gains in crude oil. Rising tension between China and Taiwan also supported safe haven buying in precious metals.

MCX silver prices expected to take cues from gold prices: ICICI Direct report

MCX Gold prices remained in a narrow range on Monday due to lack of global cues as major markets remained closed. Further, demand outlook in top consumer China was overshadowed by a surge in Covid-19 infections. Gold prices are likely to trade with a positive bias mainly on the back of weakness in the dollar and on hopes of smaller rate hikes from the Fed after inflation data showed price pressure is ebbing in the U.S. MCX Gold is expected to take support near 54,400 and move back to 55,000 level. MCX silver prices are expected to take cues from gold prices and move towards the key resistance level of 70,000.

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

Gold prices remained little changed on Monday, although trading was thin after the long Christmas weekend. Data released on Friday revealed that US consumer spending increased 0.1% in November after increasing 0.4% in October, as inflation started to further slowdown. ECB policymaker Isabel Schnabel stated in an interview that the bank must be ready to withstand pressure and continue raising interest rates. The demand for safe haven gold is anticipated to remain strong despite dropping US inflation and mounting concerns over Covid-19 instances in China.