Gold price today: Rates rise with US inflation data in focus; experts unveil strategy for MCX Gold

Gold price today: Gold rates rose in the domestic futures market Tuesday morning, tracking positive global cues as the focus shifts to US Inflation data, due on Wednesday. According to a Reuters report, gold prices in international markets remained mostly unchanged, trading near a two-week high hit in the previous session. Investors awaited key US inflation data for further insights into the Federal Reserve's interest rate path. MCX Gold for February 5 expiry traded 0.21 per cent higher at ₹77,648 per 10 grams around 9:15 am.

Gold prices jumped to a two-week high on Monday, buoyed by fresh buying of the yellow metal by China's central bank after a six-month hiatus.

Rahul Kalantri, VP of commodities at Mehta Equities, pointed out that gold and silver gained in the previous session on the back of their safe-haven appeal amid renewed geopolitical tensions in the Middle East and China's resuming gold purchases after a short hiatus.

"In November, China's central bank resumed purchasing gold for its reserves after a six-month hiatus, providing additional support for the yellow metal. Furthermore, the political crisis in South Korea and escalating tensions in the Middle East are supporting safe-haven buying for precious metals," said Kalantri.

The focus now is on the November US consumer price index data, which could potentially influence the US Fed's monetary policy at its December 17-18 meeting.

Market participants expect a 25 bps rate cut by the Fed next week.

Expectations of Fed rate cuts, geopolitical tensions, and central bank buying are expected to support gold prices going forward.

Experts' strategy for MCX Gold

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold on dips around ₹77,150 with a stop loss of ₹76,800 for the target of ₹77,800 and buying silver on dips around ₹94,500 with a stop loss of ₹93,650 for the target of ₹96100.

Jain finds support for gold at $2,674-2,654, while resistance at $2,700-2,722 per troy ounce. On the MCX, gold has support at ₹77,140-76,800 and resistance at ₹77,770-78,050. Silver has support at ₹94,400-93,600 and resistance at ₹96,000-96,650, said Jain.

According to Kalantri, gold has support at $2,652-2,637 while resistance is at $2,688-2,700. Silver has support at 31.80-31.65 while resistance is at $32.22-31.40. In INR terms, gold has support at ₹77,380-77,200, while resistance is at ₹77,820-78,040. Silver has support at ₹94,450-93,880, and resistance is at ₹95,750-96,540.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.