Gold price today: Rates slip as focus shifts to US Fed policy decision; experts highlight key levels for MCX Gold

Gold price today: Gold rates were lacklustre in the domestic futures market Monday morning as investors restricted their bets ahead of the US Fed interest rate decision, due this week. MCX Gold for February 5 expiry traded 0.14 per cent down at ₹77,031 per 10 grama around 9:15 AM.

Domestic gold prices slipped even as the yellow metal saw an uptick in international markets amid expectations of a 25 bps rate cut by the US Fed on Wednesday, December 18, with a focus on the central bank's commentary on inflation-growth dynamics and path of rate reduction next year.

Gold prices have gained significantly this year, supported by geopolitical uncertainty, monetary policy easing, central bank buying and a relatively stable dollar. Domestic spot gold prices have jumped nearly 22 per cent this year till December 13, significantly outperforming the equity benchmark Nifty 50, which has gained about 14 per cent in the same period.

Experts remain positive about gold's prospects for the coming year. The extent and magnitude of US Fed rate cuts, inflation and growth trajectory, and geopolitical events will remain key triggers for the precious metal.

Experts' strategy for MCX Gold

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests waiting for some stability in the bullion markets before initiating fresh long positions. He said investors could add on every dip in a staggered way for long-term investments.

"Gold has support at $2,658-2,642, while resistance at $2,694-2,722 per troy ounce. On the MCX, gold has support at ₹76,800- ₹76,440 and resistance at ₹77,450- ₹77,720," said Jain.

Rahul Kalantri, VP of commodities at Mehta Equities, pointed out that gold gold has support at $2,634-$2,620, with resistance at $2,664-$2,680. Silver finds support at $30.35-$30.20, while resistance is set at $30.70-$30.85. In INR terms, gold has support at ₹76,860- ₹76,640, with resistance at ₹77,350- ₹77,540. Silver has support at ₹90,450- ₹89,880 and resistance at ₹91,830- ₹92,440.

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, the current weakness suggests a potential trading range of ₹76,000– ₹78,000 on the MCX, with the short-term outlook remaining cautious amid ongoing market volatility.

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.