Commodity Outlook, Gold Prices Today: In the absence of any major event, the gold prices are likely to stay mute in the next week as the holiday season begins from December 25, 2022 – Christmas Day, the analyst believes, adding that the chart indicates a marginal dip in the yellow metal price is likely amid the favour of consolidation.

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According to Ajit Mishra, VP - Technical Research, Religare Broking, “On the domestic front, it may find support around the 53,900 zone while the 55,000+ zone would continue to act as a hurdle. While on the international bourses, we expect the range to be $1780-$1830.”

This is mainly the VP - Technical Research at Religare Broking see a muted action in gold price this week with the beginning of the holiday season and the lack of any major events. Technically, indications are in the favor of consolidation, with the possibility of a marginal dip first, he added.

The participants should plan their positions accordingly and use a dip toward the lower band of the expected range to buy fresh as the overall trend is still bullish, Mishra advised to gold buyers.

The yellow metal managed to edge marginally higher for yet another week amid mixed global cues. On Friday, Gold prices declined by Rs 372 to Rs 54,853 per 10 grams in the national capital amid weak trends in precious metal in global markets, according to HDFC Securities.

The surprise tweak in Gold prices were from the Bank of Japan to allow government bonds to move in a wider range weakened the dollar and triggered a surge in precious metals, Mishra noted.

However, news reports of a surge in covid cases and lingering fear of the US Fed continuing with the rate hike regime derailed the momentum and trimmed gains in the final sessions, as per Mishra.

Eventually, the domestic gold near-month futures at MCX settled at 54,561 levels (+0.5%) and international gold closed at $1804.2(+0.22%) in the previous week.

Meanwhile, Silver on Friday climbed marginally by Rs 15 to Rs 69,273 per kilogram from Rs 69,258 per kilogram in the previous trade.

"Spot gold prices (24 carats) in the Delhi market traded at Rs 54,853 per 10 grams, down Rs 372 per 10 grams," Dilip Parmar, Research Analyst at HDFC Securities, said.

"Gold prices turned negative after better-than-expected US third quarter GDP data. US economic data showed the country's economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Fed Reserve on aggressive path to fight inflation," Parmar added.