Gold price zooms Rs 1,639/10 gm in 2 days: Will it rise amid increased volatility by year end?

On the MCX, gold prices in the previous day's trade settled at Rs 75,585 per 10 gm and today its trading is closed in the morning session, with trading set to resume in the evening session.

Gold price on the COMEX last traded with gains of 0.3 per cent at $2,638.4 per ounce.

In the international markets, spot gold hovered near $2,640 per ounce, up .17 per cent. Despite the gains, the precious metal is still down over 5.5 per cent. Spot gold hit its peak of $2,790.4 in October end.

In the domestic market, spot gold in India in Ahmedabad quoted at Rs 75,564 per 10 gm at around 5:23 pm as per the MCX website.

Ajay Kedia- Director- Kedia Advisory previously also held that after the technical pullback or time correction, gold will likely trade volatile as we head towards the year end this is as the volume in the metal goes down.

So, going ahead into December, gold is largely expected to trade rangebound as opined by the expert.

Alongside, gold will give a boost amid the escalating geo-political tensions between Ukraine and Russia as the US allowed Ukraine to launch missile.

Globally central banks are resorting to a rate cut and the US Fed is also likely to cut rates in its December meeting. The lower interest rates increase the appeal of non-interest yielding bullion.

In the international markets, Kedia sees gold to hit levels of $2,680-2,700 per ounce, while the support is placed at $2,540 per ounce.

On the MCX, support for gold is at Rs 74,500, while it could reach Rs 77,000 per 10 gm levels by the year end.