Where are gold prices headed by 2024-end amid increased volatility?
Gold price are expected to head northwards as we are set to near the year end amid lower volumes in the precious metal.
After the sharp correction after Donald Trump's victory in the 2024 US Presidential election, gold price is now showing some upswing.
In the last two sessions, the precious metal has zoomed by as much as Rs 1,639 per 10 grams.
Much of the gains in the yellow metal come as the dollar index has halted its relentless gains.
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Gold price on MCX
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
Gold price on the COMEX last traded with gains of 0.3 per cent at $2,638.4 per ounce.
Spot gold internationally is also up
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.
Spot gold rate
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.
Gold price volatility to continue
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.
Rangebond anticipated
So, going ahead into December, gold is largely expected to trade rangebound as opined by the expert.
Ukraine-Russia tensions to add to the recent gains in gold
Alongside, gold will give a boost amid the escalating geo-political tensions between Ukraine and Russia as the US allowed Ukraine to launch missile.
Central bank's monetary easing cycle to support gold
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.
Kedia expects gold to maintain its upside in international market
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.
Gold could hit again hit Rs 77,000 per 10 gm by 2024 end
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.