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Gold Prices Today: Precious metals to edge higher amid weak dollar following Fed meeting minutes

The immediate resistance zone is seen around the Rs 52500 level. Breakout and sustained buying above the mentioned level may push prices higher toward the Rs 53000 level. On the other hand, breakdown below Rs 52300 may drag prices lower toward the Rs 52000 level by this week, said Deveya Gaglani of Axis Securities.

November 24, 2022 / 10:25 AM IST
Gold, Yellow Metal, precious metal

Gold, Yellow Metal, precious metal

Gold prices firmed above the key $1,750 an ounce level on November 24 in the international markets, consolidating gains after minutes of the US Federal Reserve's latest policy meeting signalled slower interest rate hikes. Spot gold rose 0.3 percent to $1,754.08 per ounce by 0033 GMT. US gold futures advanced 0.5% to $1,754.30.

At 10:17 am, gold contracts were trading 0.44 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,683 for 10 grams. Silver jumped 0.94 percent at Rs 62,211 a kilogram.

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Trading Strategy

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices rose and closed above key levels on Thursday, benefited from a weaker dollar as the minutes of the Federal Reserve’s latest meeting showed that a growing number of members supported a slower pace of interest rate hikes.

Precious metals prices jumped into positive territory as flash manufacturing and service-sector PMI data falls into contraction territory.

Gold has support at $1744-1734 while resistance at $1764-1774. Silver has support at $21.35-21.22, while resistance is at $21.78-21.95. In rupee terms, gold has support at Rs 52,370-52,240, while resistance is at Rs52,680, 52,850. Silver has support at Rs 61,050-60,580, while resistance is at Rs 62,050–62,480.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver price settled on a positive note in the international markets. Gold December futures contract settled at $1,745.60 per troy ounce, up by 0.33% and silver December futures contract settled at $21.37 per troy ounce, up by 1.50%. Domestic markets also settled on a positive note.

We expect gold and silver prices to remain positive in today’s session. Gold could test $1760 per troy ounce levels and silver could also test $22 per troy ounce levels. Gold has support at $1734-1722, while resistance at $1758-1772 per troy ounce. Silver has support at $21.00-20.74, while resistance is at $21.70-22.00 per troy ounce.

At MCX, gold has support at Rs 52300-52100 and resistance at Rs 52600-52850 while silver has support at Rs 61200-60660 and resistance at Rs 62100-62750. We suggest buying gold on dips around Rs 52300 with a stop loss of Rs 52150 for target of Rs 52660 and silver around Rs 61350 with a stop loss of Rs 60660 for target of 62500.

Deveya Gaglani, Research Analyst, Axis Securities

Gold prices closed in the green in the last trading session as the Dollar Index corrected after the Fed minutes, as members supported a slower pace of interest rate hikes. Markets are now pricing a nearly 80 percent chance that the bank will raise the rate by 50 bps in December. Also, the US private sector saw a solid contraction in business activity in November which added downward pressure to the dollar.

On the technical front, the immediate resistance zone is seen around the Rs 52500 level. Breakout and sustained buying above the mentioned level may push prices higher toward the Rs 53000 level. On the other hand, breakdown below Rs 52300 may drag prices lower toward the Rs 52000 level by this week.

(With agency inputs)

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Nov 24, 2022 10:25 am