Gold price today: Rates rise as US dollar, treasury yields ease; what should be your strategy for MCX Gold?

Gold price today: Gold rates increased in the domestic futures market Wednesday morning following positive global cues and an uptick in demand in spot markets.

In international markets, gold prices gained as the US dollar and treasury yields eased. The focus has shifted to upcoming US economic data, which will influence expectations about the Federal Reserve's interest rate cuts. The 10-year Treasury yields slipped for a third straight session, reported Reuters. Falling yields and the dollar augment gold's appeal.

US retail sales, industrial production, and weekly jobless claims data will be released on Thursday, providing fresh insights into the interest rate outlook—a crucial factor that will influence gold price trends.

MCX Gold for December 5 expiry traded 0.12 per cent higher at ₹76,451 per 10 grams.

Despite volatility, experts believe the overall trend for gold remains positive due to a weakening dollar and safe-haven demand amid geopolitical tensions, interest rate cuts and global economic uncertainty.

Rahul Kalantri, VP of commodities at Mehta Equities, pointed out, quoting a report, that the IMF anticipates that global public debt could reach 115 per cent of total GDP within three years due to weak global economic growth, tight financial conditions, fiscal slippages, and unstable economic policies.

Economic uncertainty will further drive safe-haven buying of precious metals when geopolitical tensions continue boosting prices.

Experts' strategy for MCX Gold

According to Kalantri, gold has support at $2,640-2,622 and resistance at $2,682-2,698. For silver, support is at $31.32-31.10, with resistance at $31.74-31.95. In the Indian rupee terms, gold has support at ₹76,100-75,870 and resistance at ₹76,590-76,850, while silver has support at ₹91,150-90,450 and resistance at ₹92,350-92,980.

Jateen Trivedi, VP and Research Analyst - Commodity and Currency at LKP Securities, said a minor hurdle for gold prices this week is likely to be around ₹76,500 on MCX, where resistance could slow further gains.

However, Trivedi believes as long as support stays near ₹75,750- ₹75,800, the uptrend remains intact.

"Traders may continue to look for buying opportunities on dips, particularly with global uncertainties driving sentiment," said Trivedi.

Manoj Kumar Jain of Prithvifinmart Commodity Research underscored that gold has support at $2,666-2,654, while resistance is at $2,692-2,704 per troy ounce. Silver has support at $31.55-31.30, while resistance is at $31.94-32.20 per troy ounce in today’s session.

On the MCX, gold has support at ₹76,040-75,800 and resistance at ₹76,620-76,850, while silver has support at ₹91,000-90,450 and resistance at ₹92,200-92,850, said Jain.

Read all market-related news here

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.

(More to come)