Gold Price Today, 11 Nov 2022- Gold, silver rates jump despite weak global trends; check support, resistance

Gold Price Today, 11 Nov 2022: Gold, silver rates jump despite weak global trends; check support, resistance

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading in the positive territory in India on Friday despite weak global trends. On Multi Commodity Exchange, gold December futures were ruling at Rs 52,315 per 10 gram, up Rs 206 or 0.40 per cent. Silver December futures were trading Rs 568 or 0.9 per cent up at Rs 62,479 per kg. Globally, yellow metal prices inched lower but were headed for a weekly gain as data pointed at signs of slowing inflation, lifting hopes that the U.S. Federal Reserve would scale back on aggressive rate hikes, according to Reuters. Spot gold was 0.1% down at $1,751.87 per ounce. It is up 4.2% for the week. U.S. gold futures rose 0.1% to $1,755.20.

Ravindra Rao, CMT, EPAT VP-Head Commodity Research, Kotak Securities

Rahul Kalantri, VP Commodities, Mehta Equities

A slightly cooler reading in the CPI print may influence the Federal Reserve’s decision-making process ahead of its December FOMC meeting. We expect precious metals to see some profit booking in today’s session. Gold has support at $1740-1728 while resistance is at $1762-1774. Silver has support at $21.35-21.22, while resistance is at $21.68-21.85. In INR terms gold has support at Rs 51,970-51,840, while resistance is at Rs52,240, 52,380. Silver has support at Rs61,550-60,980, while resistance is at Rs62,510–62,880.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices stuck to a 2-½ month high and were set for their best week in over eight months as signs of cooling U.S. inflation drove up hopes that the Fed will trim its pace of interest rate hikes in the coming months. Annual U.S. consumer price growth slowed to 7.7%, less than the expectations of 8% to hit its lowest level since January. Metal markets across the board were boosted by a lower than expected CPI inflation reading, with expectations of an ease off in the pace of interest rate hikes by the Fed. According to CME Fedwatch tool, markets are now pricing in an 81% chance of a 50bps hike by the Fed in December, compared to last week’s expectations of a 57% chance. Amidst the data, the dollar sank to its weakest level in nearly three months, while 10-year U.S. Treasury yields fell below 4%, hitting a one-month low. Broader trend on COMEX could be in the range of $1720-1765 and on domestic front prices could hover in the range of Rs 51,725-52,400

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