Gold price today: Rates dip ahead of RBI policy decision, US payrolls data; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined in the domestic futures market on Thursday morning as investors grew cautious ahead of the Reserve Bank of India's (RBI) monetary policy announcement on Friday. MCX Gold for February 5 expiry traded 0.07 per cent down at ₹77,038 per 10 grams around 9:40 am.

The three-day meeting of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC), which began on Wednesday, December 4, has become a focal point for market participants, who eagerly await the central bank's policy response to the ongoing economic slowdown.

Additionally, the US payroll data is set to be released on Friday, followed by the November inflation report next week. Both factors are crucial in shaping the Federal Reserve's approach to potential interest rate cuts in the near future.

Gold trade changed little in international markets after Fed Chair Jerome Powell said the economy was stronger than the central bank's earlier expectations.

The expectations of an aggressive rate cut by the Fed have been waning.

The CME Group's FedWatch Tool indicates that market participants see a 79.3 per cent chance of a 25-basis-point rate cut this month.

The US Federal Reserve will announce its interest rates decision on December 18, along with its economic projections.

Key levels for MCX Gold

According to Rahul Kalantri, the VP of commodities at Mehta Equities, gold has support at $2,628–2,614 and resistance at $2,662–2,674. Silver has support at $30.98–30.75 and resistance at $31.40–31.62.

In INR terms, Kalantri said gold has support at ₹76,880–76,710 and resistance at ₹77,370–77,640. Silver has support at ₹92,550–91,880, with resistance at ₹93,950–94,540.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $2,662-2,650 and resistance at $2,688-2,700 per troy ounce. Silver has support at $31.64-31.30, and resistance is at $32.20-32.50 per troy ounce in today’s session.

On the MCX, Jain finds support for gold at ₹76,820-76,600 and resistance at ₹77,330-77,550. Silver has support at ₹92,500-91,800 and resistance at ₹94,000-94,600.

Jain suggests buying gold on dips around ₹76,850 with a stop loss of ₹76,600 for the target of ₹77,450.

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