Gold Prices Today: Experts expect precious metals to stay range-bound as investors eye Powell's speech

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Gold prices were little changed on November 30 in the international markets, with investors largely focusing on Federal Reserve Chair Jerome Powell's speech for insights into the US central bank's monetary policy path.

Spot gold was flat at $1,750.00 per ounce, as of 0019 GMT. US gold futures fell 0.1 percent to $1,746.80.

At 10.18 am, gold contracts were trading 0.48 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,560 for 10 grams. Silver was up 0.48 percent as well at Rs 61,445 a kilogram.

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Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One

Gold prices on November 29 witnessed a bounce back after retreating the day before, the yellow metal moved higher ending at $1749.7 per ounce. Households are less willing to spend on expensive purchases in light of high inflation, rising borrowing prices, and increasing prospects of a recession in 2019 as US consumer sentiment fell to a four-month low in November.

As investors' attention now mostly switches to Federal Reserve Chair Jerome Powell's speech for insights into the US central bank's monetary policy path, rising interest rates tend to lessen bullion's attraction.

We expect gold to trade lower towards Rs 52770 levels, a break of which could prompt the price to move lower to Rs 52620 levels.

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices were moderately higher on Tuesday due to some safe-haven demand that surfaced amid the civil unrest in China. Precious metals were also up as the US dollar index eased marginally even as crude oil prices traded higher.

Traders and investors will be closely watching two big market events this week - a speech by Federal Reserve Chairman Jerome Powell later today and the US employment report from the Labor Department on Friday.

Technically, gold has support at $1738-1724 while resistance is at $1758-1770. Silver has support at $20.80-20.65, while resistance is at $21.42-22.58. In rupee terms gold has support at Rs 52,120-51,850, while resistance is at Rs 52,550, 52,680. Silver has support at Rs 60,450-59,780, while resistance is at Rs 61,520–61,840.

Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities

COMEX Gold is trading flat today after gaining 0.48% in yesterday’s session. Although gold closed higher yesterday, it was bounded in a range as traders await important US economic data prints as well as Fed Chair Powell's speech. US Dollar index is also range bound between 107-106 after a recovery from lower levels. Gold is set for a best month in this year as the expectation of a smaller rate hike by Fed in their upcoming meetings has supported the yellow metal.

Traders are on the side-lines awaiting the Fed chair speech as that will provide more cue on the US economy and Fed’s stance in the future monetary policy. Next three days will be important for precious metals amid important data prints like US Q3 preliminary GDP, ISM manufacturing PMI and NFP report.

Deveya Gaglani, Research Analyst, Axis Securities

Gold prices remain muted in the last trading session as investors are awaiting the Fed chairman's speech this week. However, prices are headed for their best monthly gains of more than 4 percent in the last seven months as Fed signals a dovish rate hike outlook in the coming months. Fed chairman Powell is expected to throw some light on the US economy and monetary policy. Traders and investors are also awaiting US payroll data later this week. Recent tech layoffs in the US and other parts of the world impacted consumer confidence number in the US which dropped to a four-month low.

The current economic scenario and geopolitical tension may support bullion prices. On the technical front, Rs 52500-52400 is a good support zone for gold. We expect prices to trade in a range between Rs 52500 and Rs 53200 levels this week.

Nirpendra Yadav, Senior Research Analyst at Swastika Investmart

Precious metals prices remained range-bound due to the current contract expiry. Bullion prices are seeking more clues on Fed's outlook. US benchmark Treasury yield gained 0.38% yesterday, supported the dollar index marginally capped the gain of bullion.

Today's macros from the US front will be a trigger for precious metals prices. Technically, precious metals prices day trend may remain down. Gold has resistance at Rs 53300 and support at Rs 52500. Silver has resistance at Rs 63700 and support at Rs 62000.

(With agency inputs)

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