Gold prices up marginally, MCX Gold near Rs 76,600 per 10 gm; Near-term momentum looks sideways
Gold prices up marginally, MCX Gold near Rs 76,600 per 10 gm; Near-term momentum looks sideways
Gold prices showed a slight uptick in evening trade on Monday, December 30. At the time of writing, February gold futures rose by 0.07% or Rs 54, reaching Rs 76,598 per 10 grams.
International Gold Prices: Marginal Decline
International gold prices experienced a slight drop, falling by 0.08% to $2,629.79 per ounce.
Domestic Spot Rates
In India, 24K gold prices saw minor gains, trading at Rs 78,000 per 10 grams, while 22K gold was priced at Rs 71,500 per 10 grams.
Support from Geopolitical Tensions and Chinese Stimulus Hopes
Gold and silver prices are finding support from ongoing geopolitical tensions and the anticipation of economic stimulus from China early next year, according to Manoj Jain, a commodity expert at India Nivesh.
Recent Performance
On Friday, the February gold futures contract settled at Rs 76,544 per 10 grams, down by 0.37%.
Consolidation Expected This Week
Pranav Mer, Vice President of Commodity & Currency Research at JM Financial Services, predicts that gold prices will continue to consolidate this week. He attributes this to the lack of fresh market triggers, as many major participants are still on holiday for the New Year. Additionally, the upside potential for bullion is limited due to the higher dollar, which is trading near the 108 level.
Near-Term Outlook: Sideways Momentum
From a technical perspective, gold prices are showing a sideways momentum, stuck between their long-term moving averages. The 50-day Simple Moving Average (SMA) is at Rs 76,860, and the 100-day SMA is at Rs 75,080, with the current price at Rs 76,650, added Mer.
