Precious metal prices (December 24, 2024): Gold prices on the MCX in Tuesday's session (December 24) traded with gains after closing lower in the previous session. At around 11:27 am, gold February futures traded higher by 0.21 per cent or Rs 161 at Rs 76,305 per 10 gm, while at the day's high it scaled levels of Rs 76,349 per 10 gm.

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Silver March futures were up 0.28 per cent or Rs 250 at Rs 89,368 per kg.

From its all-time high price, gold prices as of the day's high price have corrected as much as 5 per cent.

After remaining steady in early trade, spot gold traded higher by 0.24 per cent or $6.21 at $2,619.15 per ounce. US gold futures, meanwhile, traded with gains of 0.17 per cent at $2,633.22 per ounce.

In the previous session, Gold February futures contract settled at Rs76,144 per 10 grams with a loss of 0.36 per cent, while silver March futures contract settled at Rs 89,118 per kilogram with a gain of 0.82 per cent. Gold and silver prices were settled on a mixed note amid mixed U.S. economic data and rebound in the dollar index and the U.S. bond yields.

The U.S. consumer confidence index fell in December month and dropped to 104.7 against November month’s revised reading of 112.8. Sharp decline in the consumer confidence during the holiday season increased worries about the health of the economy but did not lent support to safe-haven demand for precious metals.

The dollar index and the U.S. 10-year bond yields surged once again amid weakness in the global equity markets and hawkish FED guidance for further rate cuts.

However, geo-political tensions and bargain buying at lower levels are supporting gold and silver prices.

Gold and silver are trading near its make or break level of $2,588 per troy and $29.88 per troy ounce and if these levels are hold on a weekly closing basis than smart recovery is expected in both precious metals.

Trading strategy in gold and silver

Manoj Jain, Commodity Expert- India Nivesh said, "We expect gold and silver prices to remain volatile this week. Gold has support at $2614-2600, while resistance at $2644-2658 per troy ounce and silver has support at $29.88-29.55, while resistance is at $30.50-30.84 per troy ounce in today’s session. At MCX, gold is having support at 75920-75650 and resistance at 76440-76700 while silver is having support at 88450-87700 and resistance at 89900-90500.

We suggest buying gold around 76000 with a stop loss of 75770 for the target of 76500 and also suggest buying silver around 88650 with a stop loss of 88100 for the target of 89800, he added.