Gold prices in India are likely to be influenced by international prices which will react to US job data. This week, the performance of yellow metal has been volatile, however, on Tuesday, a sharp uptick was recorded. US Federal Reserve's chair Jerome Powell's speech on Wednesday will be eyed. Furthermore, geopolitical tensions continue to provide support to yellow metal.
Gold Prices In India:
24K of 10 grams of gold is currently at Rs 77,790, breaking away from its Rs 78,000 mark that was recorded by the end of November 2024 month. Further, 22K and 18K gold prices in 10 grams at Rs 71,310 and Rs 58,350 respectively.
In cities like Chennai, Mumbai, Hyderabad, Kolkata, Bangalore, Kerala, and Pune, the price of 24K gold is Rs 77,790 in 10 grams. While gold prices are higher at Rs 77,940 in Delhi and at Rs 77,840 per 10 grams in cities like Ahmedabad and Vadodara.
MCX Gold Prices:
MCX gold with a February 2025 expiry is at Rs 76,871 per 10 grams, while silver price with a March 2025 expiry is at Rs 92,150 per 1kg by the end of the December 3rd trading session.
Spot Gold:
As per Trading Economics report, gold stabilized above $2,640 per ounce on Tuesday as investors braced for crucial US jobs data and more speeches from Federal Reserve officials, which could offer clarity on the central bank's monetary policy outlook. On Monday, Fed Governor Christopher Waller said he is inclined to support another rate cut later this month, while Fed Bank of New York President John Williams suggested a gradual shift toward a more neutral policy stance. This prompted investors to significantly increase expectations for another 25bps rate cut at the Fed's Dec. 17-18 meeting, with markets currently pricing in a 75% chance of such a move. This would reduce the opportunity cost of holding non-interest-bearing gold, boosting its appeal.
Further, the report highlighted that bullion prices remained supported by geopolitical tensions in the Middle East, particularly the ongoing clashes between Israel and Hezbollah despite a ceasefire agreement.
Notably, the number of job openings was little changed at 7.7 million on the last business day of October, the U.S. Bureau of Labor Statistics reported on December 3rd. Over the month, hires changed a little at 5.3 million. The number of total separations was little changed at 5.3 million. Within separations, quits (3.3 million) increased, but layoffs and discharges (1.6 million) changed little.
Gold Prices Outlook On Wednesday, December 4, 2024:
Rahul Kalantri, VP of Commodities, Mehta Equities anticipates gold and silver prices to remain volatile this week, influenced by fluctuations in the dollar index, the U.S. Federal Reserve Chairman's speech, and the upcoming U.S. monthly job reports.
He said, "Gold is expected to find support between $2,622 and $2,610, with resistance at $2,650 to $2,664. Silver is likely to have support at $30.27 to $30.10, while resistance is projected between $30.70 and $30.85. In INR terms, gold has support at ₹75,740 to ₹75,580, with resistance at ₹76,170 to ₹76,440. Silver is expected to find support at ₹88,150 to ₹87,550, with resistance at ₹89,450 to ₹90,080."
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