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Gold prices slipped in early trade on Friday, December 5, as investors adopted a cautious stance ahead of the Reserve Bank of India’s Monetary Policy Committee (MPC) decision.
On MCX Gold futures (February) traded 0.14% lower at Rs. 1,29,892 per 10 grams, indicating mild profit-booking. Meanwhile, Silver futures (March) advanced 0.74% to Rs. 1,79,461 per kg, supported by a weaker US dollar and improved spot demand.
Gold Prices in Chennai remained almost flat with only a Rs. 1 decline; the price of 24K gold is Rs 13,112 per gram, as compared to the previous day's price of Rs 13,113. The price of 10 gms of 24K gold also went down to Rs 1,31,120 from Rs 1,31,130.
Similar to 24K gold, the price of 22K gold also remained flat at Rs 12,019 from yesterday’s Rs. 11,020 per gram. For 10 grams of 22K gold, the price declined to Rs 1,20,190 from Rs 1,20,200.
As with Chennai, India, the price of Gold also remained flat in Kolkata with just a Rs. 1 decline. The price of 24K gold is priced at Rs 12,965 per gram compared to the price that was Rs 12,966 yesterday.
The price of 10 grams of Gold 24K saw similar movement from Rs. 1,29,660 for 10 grams to Rs. 1,29,650.
Market sentiment remains divided ahead of the RBI’s announcement. Although GDP figures remain robust, softness in nominal GDP and subdued manufacturing activity have amplified expectations of a 25-bps rate cut.
On the global front, all eyes are on the upcoming US inflation numbers, expected to direct the Federal Reserve’s tone at next week’s meeting.
According to a Reuters report, US unemployment benefit claims fell to 1,91,000 last week, marking the lowest reading in over three years. At the same time, the ADP report revealed a 32,000 job decline, the sharpest drop in more than two and a half years.
Also Read: How to Use JioFinance App to Invest in 24K Digital Gold Easily
Globally, gold holds support at $4,165 and $4,135 per ounce, while immediate resistance stands at $4,255 and $4,300.
Silver is expected to remain supported at $56.40 and $55.80, with resistance levels at $57.70 and $58.25.
On MCX, gold prices are likely to find support near Rs. 1,29,360 and Rs. 1,28,650, whereas selling pressure may emerge close to Rs. 1,30,750 and Rs. 1,31,200.
Silver has support around Rs. 1,76,750 and Rs. 1,75,200, with resistance projected at Rs. 1,79,210 and Rs. 1,80,300.
