As traders awaited economic data due later in the day to determine the US Federal Reserve’s attitude on rate hikes, gold was trading flat in India’s market and other Asian markets on December 23 morning. The price of gold was Rs 54,530 for 10 grams, up 0.02 percent on the Multi Commodity Exchange (MCX). A kilogram of silver cost Rs. 68,789, up 0.39%. Spot gold’s price on the global market remained stable at $1,793.22 for a troy ounce. At $1,801.20, U.S. gold futures were up 0.3%.
On December 22, gold and silver prices dropped significantly as a result of stronger-than-anticipated US Q3 GDP figures. According to US economic figures released, the third quarter saw the economy grow at an annualized pace of 3.2 percent, higher than the predicted 2.9 percent. Weekly U.S. unemployment claims did not increase as much as predicted by experts. Better-than-expected economic statistics bolstered the dollar index and drove up the price of oil after raising concerns about more Fed rate hikes in 2023.
On December 23, we predict that gold will still be erratic. Support levels for gold are $1,784–1,772, while resistance levels are $1,81–1,822. Support and resistance levels for silver are $23.42-23.25, and $23.88-24.05. In terms of rupees, the support and resistance levels for gold are Rs 54,150 and Rs 53,850. Support and resistance levels for silver are Rs 67,850–67,380 and Rs 68,920–69,480, respectively.
Prices for gold and silver fell from a nine-month high as US unemployment claims and the final GDP QoQ figures improved. Precious metals were under pressure due to better-than-anticipated U.S. GDP figures and a prospect of rising interest rates. Due to profit taking before the Christmas holidays, the price of bullion is anticipated to decrease. At Rs 54,900, there is resistance for gold, while Rs.54,500 is support. Silver is supported around Rs.68,200 and faces resistance at Rs.69,700.
