Gold price today: Yellow metal declines as US dollar rises to 2-month high; here’s experts’ strategy for MCX Gold

Gold price today: The dollar's rise and lack of fresh, positive catalysts weighed on the gold rate, as the yellow metal declined in the domestic futures market Tuesday morning. MCX Gold for December 5 expiry traded 0.08 per cent lower at ₹75,984 per 10 grams around 9:25 am.

The US dollar traded near its highest level in over two months, eroding gold's appeal. Since gold is priced in the US dollar globally, the rise in the US currency makes bullion currency expensive in other currencies.

Most positives for gold, including geopolitical tensions, uncertainty about global economic growth, and US Fed rate cuts, are fairly priced in, keeping the yellow metal's rise capped.

Investors now seek fresh cues on the Federal Reserve's stance on interest rate cuts, which will further influence bullion prices.

There are mixed signals about the Fed rate cut trajectory.

According to a Reuters report, Minneapolis Fed President Neel Kashkari said he sees modest interest-rate cuts ahead as inflation hovers near the central bank’s 2 per cent target. Fed Governor Christopher Waller called for “more caution” on interest-rate cuts going forward.

Investors' focus this week will be on US retail sales, industrial production and weekly jobless claims data.

Experts' strategy for MCX Gold today

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week, given the volatility in the dollar index and geopolitical tensions.

Jain said gold has support at $2,654-2,640, while resistance at $2,678-2,692 per troy ounce and silver has support at $31.04-30.80, while resistance is at $31.55-31.88 per troy ounce in today’s session.

On the MCX, Jain said gold has support at ₹75,800-75,550 and resistance at ₹76,300-76,620, while silver has support at ₹90,000-89,350 and resistance at ₹91,400-92,200.

Jain suggests buying gold on dips around ₹75,800 with a stop loss of ₹75,550 for the target of ₹76,330.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,624-$2,605, with resistance at $2,661-$2,678. Silver finds support at $30.90-$30.70, with resistance at $31.40-$31.64.

In the Indian rupee terms, gold has support at ₹75,910- ₹75,740, while resistance stands at ₹76,260- ₹76,470. Silver has support at ₹90,050- ₹89,450, with resistance at ₹91,790- ₹92,680, said Kalantri.

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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.