Sunday, December 10, 2023

Gold price today: Yellow metal jumps by Rs 377 per 10 gram to cross Rs 61,000-mark

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Following a slump in the US dollar and weaker treasury yields, December futures of MCX Gold today rose by Rs 377 to Rs 61,034 per 10 gram. December futures of MCX Silver was up 0.74% to Rs 72,644.Gold is expected to find support at Rs 60,580-60,460, and resistance at Rs 61,010-61,230. Silver may have support at Rs 72,250-70,880, and resistance at Rs 73,870-74,430, Rahul Kalantri of Mehta Equities said.

In the international market, spot gold was up 0.6% at $1,988.29 per ounce, while US gold futures gained 0.5% to $1,990.10. Spot silver rose 1% to $23.64 per ounce, platinum was flat at $918.59, while palladium eased 0.2% to $1,076.26.Bullion traders now look forward to minutes from the Federal Reserve‘s latest meeting for more guidance on its interest rate outlook. Markets are widely expecting the Fed to leave rates unchanged in the December meeting and currently pricing in a greater than 50% chance of a rate cut of at least 25 basis points by May, according to CME’s FedWatch Tool.

Lower interest rates decrease the opportunity cost of holding gold.

“Safe haven buying has eased over the past few sessions as concerns Israel’s invasion of Gaza will spark a wider Middle East war have faded and reduced demand for bullion and kept upside capped,” said Sriram Iyer of Reliance Securities.

The dollar languished near more than a 2-1/2-month low as investors expect U.S. interest rates to fall next year. A weaker dollar makes gold less expensive for other currency holders.Benchmark US 10-year Treasury yields were hovering near two-month lows touched last week.

Back home, gold prices are expected to rise in the coming months due to the upcoming wedding season. Silver prices are also expected to remain firm.

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