Gold price today: MCX Gold rates saw an uptick in the morning session on Friday, December 27, amid positive global cues.
The yellow metal was poised for a weekly gain in international markets as investors awaited cues on the US economy to get cues on the Federal Reserve’s interest rate path for 2025, Reuters reported.
MCX Gold for February 5 expiry traded 0.14 per cent higher at ₹76,931 per 10 grams around 9:30 AM.
The US Federal Reserve cut interest rates in September, November and December but has signalled there could be only two rate cuts of 25 bps each in 2025.
The macro numbers and Donald Trump’s trade policies will strongly impact the US interest rate trajectory. Experts believe that under Trump’s regime, major policy shifts regarding trade tariffs, deregulation, and tax changes.
Meanwhile, data showed that US jobless claims fell to a one-month low last week. This indicated that the labour market remained strong in the US and that the Fed could maintain interest rates.
Geopolitical uncertainty, interest rate trajectory, Trump’s tariff policies, and overall economic environment will be key triggers for the yellow metal next year.
Gold is considered a hedge against geopolitical uncertainty and inflation.
Experts’ strategy for precious metals
According to Rahul Kalantri, VP of commodities at Mehta Equities, the rise of precious metals may be limited as the US 10-year bond yields hit seven-month highs, and jobless claims fell last week.
“Gold has support at $2,600-2,581 and resistance at $2,647-2,664. Silver has support at $29.55-29.40 and resistance at $29.99-30.20. In INR, gold has support at ₹76,550-76,370 and resistance at ₹76,970-77,280. Silver has support at ₹89,100-88,450 and resistance at ₹90,230 – 90,700,” said Kalantri.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying silver on dips around ₹89,100 with a stop loss of ₹88,450 for the target of ₹90,400.
He expects gold and silver prices to remain steady in today’s session and hold their key support levels on a weekly closing basis amid thin volume due to holidays in the international markets.
“Gold has support at $2,638-2,622, while resistance at $2,664-2,684 per troy ounce and silver has support at $30.14-29.88, while resistance is at $30.64-30.84 per troy ounce in today’s session. On the MCX, gold has support at ₹76,600-76,330 and resistance at ₹77,040-77,280, while silver has support at ₹89,100-88,450 and resistance at ₹90,200-90,850,” said Jain.
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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.