Gold Prices Today: Yellow metal to edge higher amid global macro concerns

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Gold prices firmed in early Asian hours on January 3, with the market's attention turning to minutes from the US Federal Reserve's latest policy meeting due this week.

Spot gold was up 0.4% at $1,831.24 per ounce as of 0102 GMT. US gold futures rose 0.6% to $1,837.50.

At 10:19 am, gold was trading 0.83 percent higher on the Multi Commodity Exchange (MCX) at Rs 55,635 for 10 grams. Silver was up 1.65 percent at Rs 70,722 a kilogram.

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

Contrary to how investors would have preferred, gold started the year off slightly lower after ending the previous year on a high note. On Monday, the bullion ended 0.04 percent lower and ended at 1823.7$ per ounce. The US Fed's December policy meeting minutes are currently the focus of the market since they may provide information on the direction of the central bank's tightening. However, following four consecutive rises of 75 basis points each, the Fed increased rates by 50 bps in December.

The head of the International Monetary Fund forecasts that 2023 will be a difficult year since the main forces behind global growth—the US, Europe, and China—are seeing their activities slow down. We expect gold to trade higher towards Rs 55430 levels, a break of which could prompt the price to move higher to Rs 55640 levels.

Nirpendra Yadav -- Senior Research Analyst, Swastika Investmart -- Tells

Precious metals prices remained firm amid holidays in the global market. Technically, gold prices are trading above the crucial psychological level of Rs 55000, indicating strong buying momentum will remain intact in the upcoming days. On the hourly and daily charts, silver is sustaining above the 200 EMA, indicating an uptrend in the near term.

The day's trend is likely to be on the upside in bullion. Gold has resistance at Rs 55500 and support at Rs 54600. Silver has resistance at Rs 70700 and support at Rs 68800.

Rahul Kalantri -- VP Commodities, Mehta Equities -- Tells

Bullions made a promising start to 2023, with gold witnessing fresh gains on the first trading day of the year after a remarkable rally to 1,822 in December. Following the initial gains, precious metal prices traded range bound as most of the western market closed on Monday due to the New Year holiday. Investors are waiting for the FOMC meeting minutes outcome which will be released this week.

According to the technical indicators, the bullion market prices may see extended gains. The 20 and 200-day simple moving averages (SMAs) have recently bullishly crossed each other, endorsing the positive trend in the short-term picture.

Gold has support at $1814-1801 while resistance is at $1838-1850. Silver has support at $23.72-23.55, while resistance is at $24.22-24.40. In rupee terms, gold has support at Rs 54,950-53,750, while resistance is at Rs 55,480, 54,650. Silver has support at Rs 69,050-68,580, while resistance is at Rs 70,420–70,780.

(With agency inputs)

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