Gold prices trade sideways amid key economic events; 24K gold at Rs 77,930/10 gm
Gold prices trade sideways amid key economic events; 24K gold at Rs 77,930/10 gm
Gold prices are trading largely sideways as traders keenly await insights from US Federal Reserve Chairman Jerome Powell's speech and the upcoming US payroll data. The price of 24K gold stands at Rs 77,930 per 10 grams.
After experiencing significant volatility this year, global brokerage firm JP Morgan maintains a bullish outlook on gold, forecasting it could reach $3,000 per ounce next year.
In the evening session on the Multi Commodity Exchange (MCX), gold prices dipped slightly, with February futures trading at Rs 76,850, down 0.07% or Rs 53. In the previous session, gold futures closed marginally higher at Rs 76,903 per 10 grams.
The focus is now on the US ADP non-farm payroll data, due later today, which could influence the precious metals market further. Additionally, the upcoming US monthly payroll data and Consumer Price Index (CPI) data next week are also on traders' radar.
In the previous session, gold and silver prices rebounded following mild profit-taking in the dollar index and an increase in crude oil prices. Safe-haven demand for precious metals rose after the declaration of martial law in South Korea. Political uncertainty in France, with a no-confidence motion against Prime Minister Michel Barnier expected from Marine Le Pen, also contributed to the uptick in gold and silver prices.
The dollar index (DXY) recently traded higher by 0.16% at 106.53.
Rahul Kalantri, VP of Commodities at Mehta Equities, highlighted that gold finds support at $2,628-$2,614, with resistance at $2,660-$2,674. Silver has support at $30.82-$30.65 and resistance at $31.22-$31.40. In INR terms, gold is supported at Rs 76,580-Rs 76,410 and faces resistance at Rs 77,070-Rs 77,240, while silver has support at Rs 91,550-Rs 90,880 and resistance at Rs 92,850-Rs 93,340.
