gold price India Following the global cues, it gained a lot on Friday, 3 December. On the Multi Commodity Exchange (MCX), the contract of gold rose 0.36 per cent to Rs 47,570 on December 3 at 11 am at 11 am. On Friday, the price of silver also saw a jump. The precious metal futures also rose 0.25 per cent to Rs 61,275 per kg.
However, the yellow metal remained under pressure in the international market. Lack of stimulus and tough stance by the US Federal Reserve on rising interest rates propelled gold in the global market for the third consecutive weekly decline. Spot gold was up 0.2 percent to $1,772.41 an ounce, higher by 0.439 GMT. US gold futures rose 0.6 per cent to $1,773.30, according to Reuters data. The safe-haven metal is down 1.1 per cent in the week so far.
Rising cases of the Omicron variant globally continued volatility in the markets, although gold traders were focusing more on inflation and the Fed. US Federal Reserve Bank of Atlanta President Rafael Bostic said it would be appropriate to end the central bank’s bond-buying program by the end of March, allowing the Fed to raise rates. The number of Americans filing new claims for unemployment benefits rose less than expected last week, pointing to tightening labor market conditions, while layoffs in November fell to the lowest level in 28-1/2 years .
“The Fed’s recent policy change i.e. betting on an early hike in interest rates and the idea that inflation fears are going to ease on bullion. The recent fall in crude prices could help the inflationary side of things. SPDR Gold Its holdings fell nearly 0.5 per cent to 986.17 tonnes from Wednesday to Thursday, the trust fund said. International spot gold prices rose marginally this Friday morning in Asian trade, however, on the back of cues from Federal Reserve officials. that the central bank could end its pandemic-era asset purchases and raise interest rates faster than expected to combat rising inflation. Technically, if COMEX Gold stays below the February $1770.00 level However, it may continue the bearish momentum towards the level of $1754.85-$1747.00. Resistance lies at $1777.85-$1793.00 level, said Sriram Iyer, Senior Research Analyst, Reliance Securities.
“Domestic gold prices may start marginally above flat this Friday morning. Technically, if MCX Gold trades below the February level of Rs 47,500, then it may continue its downside trend till the level of Rs 47,223-47,045. The resistance area is located at Rs 47,705 to Rs 48,010 level. International spot silver prices remained flat in Asian trade on Friday morning.
“Technically, if COMEX Silver trades below the March level of $22.345, it may see bearish momentum towards the level of $22.185-$22.55. The resistance area is at the level of $22.475-$22.635. Domestic Silver Prices Today Friday morning can start flat.Technically if MCX Silver trades below the level of March 61,120, then it can see a rise up to Rs 60,756-60,389. Resistance area is at the level of Rs 61,485-61,847 “
Commenting on the factors affecting the price of the yellow metal this week, Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd. said, “The near term chart currency for gold market is now deteriorating, and has given some technical downside. -based vendors are invited to the market. Market. Also, weak-arm longs are being forced to close their positions in the gold futures market amid the recent sell-off. The fall in the crude oil market this week is also negative for the metals markets. February gold was down by $ 17.20 to $ 1,767.30 and March Comex silver was up by $ 0.036 to $ 22.375 an ounce.
After reaching today’s three-month low of $ 62.43, Nymex crude oil prices are trading higher and around $ 66.50 per barrel in the major ‘external markets’. The US dollar index is down slightly. Meanwhile, the yield on the US Treasury 10-year note is currently fetching 1.456 per cent,” he said.
Investors will be waiting for the non-farm payroll number due on Friday. Apart from jobs data, PMI numbers in Europe and the US could also propel the market on December 3.
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