Today’s Gold Prices: Experts anticipate a little increase in the price of the yellow metal; purchase on declines

Gold prices edged up on December 5 in the international markets and hovered near the key $ 1,800 level, as a softer U.S. dollar made the greenback-priced bullion cheaper for buyers holding other currencies. spot gold increased 0.1 percent to $1,800.02 per ounce. In the previous session, prices rose to $1,804.46—their highest level since August 10. At $1,812.60, U.S. gold futures were up 0.2 percent.

Rahul Kalantri, VP of Commodities, Mehta Equities stated Despite stronger-than-expected US jobs data pointing to additional future interest rate hikes, gold and silver prices remained stable in early Monday exchanges. Despite a higher-than-expected increase in nonfarm payrolls in the US in November, markets seemed to be adhering to the Federal Reserve’s stance that interest rates will climb more slowly going forward. The US 10-year bond yields also decreased to four-month lows as the dollar index plummeted close to six months below its previous low.

This week, we anticipate continued growth for gold and silver. Silver prices might reach $24.50 per troy ounce and $1840 for the yellow metal. In both precious metals, we advise adopting a “buy on dips” strategy. Support for gold is located between $1792 and 1780 while opposition is between $1824 and 1840 per troy ounce. Support for silver is located between $22.90 and 22.72, while resistance is found between $23.65 and 23.95 per troy ounce. Gold’s support and resistance levels in Indian rupees are 53,580-53,350 and 53,970-54,180, respectively. Support for silver is located between Rs 65,980 and Rs 65,350, while resistance is between Rs 67,100 and 67,650.

Deveya Gaglani, Research Analyst, Axis Securities told, Last week, gold prices increased and for the first time in six months, settled above $1790. The price of gold was supported by the dollar index’s correction. First time in six months, the dollar index fell below the $105 mark. The Fed chairman said that the organization will take a dovish posture when it comes to raising interest rates as early as December itself. The price of gold is once again glimmering, and it has reclaimed its safe-haven allure. Prices are on track to reach new highs in 2019. Around the $1820 mark, there is a significant resistance zone. In the upcoming weeks, a breakout and continued purchasing above the stated level may drive prices higher toward the $1860 level. A strong support zone is seen around the $1760 level.

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