Gold Price Today, 24 Nov 2022- Prices rise, dollar falls on dovish US Fed commentary; resistance at Rs 53000

Gold Price Today, 24 Nov 2022: Prices rise, dollar falls on dovish US Fed commentary; resistance at Rs 53000

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Thursday as a result of positive global trends, while silver rate was up 1.16%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,695 per 10 grams, up Rs 244 or 0.47%. Silver December futures were trading Rs 715 up at Rs 62,345 per kg on MCX. Globally, the yellow metal settled above the key $1750 level as the minutes of the US Fed’s policy meeting suggested a dovish approach for future rate hikes, according to Reuters. Spot gold rose 0.3% to $1,754.08 per ounce. US gold futures advanced 0.5% to $1,754.30.

Bhavik Patel, Commodity and Currency Analyst, Tradebull Securities

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Deveya Gaglani, Research Analyst, Axis Securities

Gold prices closed in the green in the last trading session, as the Dollar Index corrected after the Fed minutes, as members supported a slower pace of interest rate hikes. Markets are now pricing a nearly 80% chance that the Bank will raise the rate by 50 bps in December. Also, the US private sector saw a solid contraction in business activity in November, which added downward pressure to the dollar. On the technical front, the immediate resistance zone is seen around the 52500 level. Breakout and sustained buying above the mentioned level may push prices higher toward the 53000 level. On the other hand, breakdown below 52300 may drag prices lower toward the 52000 level by this week.

Navneet Damani, Sr. VP, Commodity & Currency, MOFSL

Gold and silver prices rebounded from intraday lows after the dollar fell against its major crosses as the Fed meeting minutes suggest that the central bank was less hawkish as compared to expectations. A “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes. The minutes also showed an emerging debate within the Fed over the risks that rapid policy tightening could pose to economic growth and financial stability, even as policymakers acknowledged there had been little demonstrable progress on inflation and that rates still needed to rise. Today, volatility could remain low in the latter half of the day as the US market remains shut on account of Thanksgiving day holiday. We expect the gold to trade with a positive bias and quote in the range of 52,450 and 52,980.