Gold rate today: Yellow metal dips as US dollar strengthens; silver down Rs 1,000/kg
ZeeBiz WebTeam | Dec 02, 2024, 01:17 PM IST
Gold prices dipped on Monday as a stronger US dollar and profit-taking weighed on the market. Investors await key US economic data to assess the Federal Reserve’s policy direction.
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Gold prices fall as US dollar strengthens
Gold prices declined on Monday, driven by a stronger US dollar and profit-taking. Investors await US economic data to gauge the Federal Reserve's future monetary policy direction.
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February gold futures drop to Rs 76,344 per 10 grams
MCX February gold futures traded at Rs 76,344 per 10 grams, down by Rs 784 or 1.02%. Silver futures also saw a decline, trading at Rs 90,225 per kg.
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Spot gold trades below $2,640 per ounce
Spot gold fell by 0.7 per cent to $2,636.38 per ounce, while US gold futures slipped by 0.8 per cent to $2,658.80. A firmer dollar weighed on global bullion prices.
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US dollar index rises by 0.5%
The dollar index strengthened, making gold more expensive for non-dollar buyers. This move added pressure on bullion prices, prompting a sell-off in the market.
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Investors focus on key US economic triggers
Upcoming data on US job openings, the ADP employment report, and payrolls will provide insights into the economy. Fed Chair Jerome Powell’s comments this week are also closely watched.
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Fed rate cut probability at 65.4% for December
Markets are pricing in a 65.4 per cent chance of a 25-basis-point rate cut in December, according to CME’s FedWatch Tool. This expectation could influence gold’s near-term trend.
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Gold logs worst monthly performance since September 2023
Gold prices fell over 3 per cent in November, marking their steepest monthly drop in over a year, as concerns over interest rates and potential tariffs impacted sentiment.
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Technical levels to watch for gold and silver
Gold’s key support is at Rs 76,180- Rs 75,950, with resistance at Rs 76,570-Rs 76,840. Silver’s support is Rs 88,150-Rs 87,550, and resistance lies at Rs 89,450-Rs 90,080.
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Gold prices in Delhi, Mumbai, Chennai, and Hyderabad
Delhi 22k gold is Rs 57,912/8 grams, and 24k is Rs 61,704. Mumbai rates are Rs 57,560 and Rs 61,408 for 22k and 24k, respectively. Chennai and Hyderabad prices remain competitive.
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Silver futures slip as well, tracking gold's decline
Silver’s February futures dropped by 1.11 per cent to Rs 90,225 per kg, mirroring gold’s movement. Global cues and a stronger dollar contributed to the decline.