Gold price today: Rates edge higher, but dollar’s strength limits gains; experts outline key levels for MCX Gold

Gold price today: Gold rates edged higher in the domestic futures market during the morning session of trade on Friday, December 20, even as the dollar's strength, following strong US macroeconomic data, capped gains for the yellow metal. MCX Gold for February 5 expiry traded 0.15 per cent higher at ₹75,768 per 10 grams around 9:40 AM.

In international markets, gold prices were on course to end the week on a weak note after the US Federal Reserve revised its interest rate cut outlook. Moreover, the third-quarter GDP prints of the US showed that the US economy grew better than expected, and jobless claims also slipped more than anticipated. This strengthened the dollar further, weighing on gold prices.

Investors' focus is now on the US Personal Consumption Expenditure (PCE) data due later in the day.

"Manav Modi, a commodity research analyst at Motilal Oswal Financial Services, pointed out that amidst the US Fed's hawkish comments and macro data points, expectations for a pause on rate cuts increased to 90 per cent, as suggested by CME fed-watchtool data.

"Investors await Friday's release of core PCE data, the Fed's preferred inflation measure, for further clues on the economic outlook," said Modi.

Experts highlight key levels for MCX Gold

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests traders stay away from the market until it stabilises, while long-term investors could accumulate in SIP mode.

Jain said gold has support at $2,588-2,564, while resistance at $2,622-2,644 per troy ounce and silver has support at $29.10-28.80, while resistance is at $29.66-29.88 per troy ounce in today’s session.

On the MCX, gold has support at ₹75,330-74,850 and resistance at ₹75,920-76,200, while silver has support at ₹86,400-85,750 and resistance at ₹88,000-88,800, said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,584–2,569 and resistance at $2,618–2,635. Silver has support at $28.80–28.60, with resistance at $29.24–29.40.

In INR terms, gold has support at ₹75,450–75,240 and resistance at ₹76,000–76,440. Silver has support at ₹86,550–85,980, while resistance is at ₹88,130–88,940, said Kalantri.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.