Gold price today: Rates rise on buying at lower levels; experts highlight these key levels for MCX Gold

Gold price today: Gold rates edged higher in the domestic futures market on Tuesday morning. However, the gains remained subdued as a strengthening US dollar and reports of a potential ceasefire in the Israel-Hezbollah conflict weighed on the yellow metal's appeal as a safe-haven asset. MCX Gold for December 5 expiry traded 0.21 per cent up at ₹75,472 per 10 grams around 9:15 am.

In international markets, as Reuters reported, gold prices fell to their lowest in more than a week on Tuesday due to a stronger dollar and reports of a potential Israel-Hezbollah ceasefire.

"The dollar rose against major peers after Trump threatened Canada and Mexico with a 25 per cent tariff on all imports into the United States. Meanwhile, on the geopolitical front, US President Joe Biden and French President Emmanuel Macron are expected to announce a ceasefire in Lebanon between the armed group Hezbollah and Israel imminently," reported Reuters.

The dollar's rise and easing geopolitical uncertainty are negative for gold prices.

The focus now is on US consumer confidence data and the Fed's November meeting minutes, which are due later in the day. Moreover, GDP (first revision) and core PCE figures are set for release later this week.

The yellow metal experienced a significant loss in the previous session. The Gold December futures contract settled at ₹75,311 per 10 grams, a loss of 3 per cent, after news that Israel-Lebanon is inking a ceasefire agreement.

"Gold prices showed the biggest single-day fall since November 2020 after this news. Silver prices also fell amid improved risk sentiment and easing safe-haven buying. Gold and silver prices also corrected after President-elect Donald Trump elected Scott Bessent as Treasury Secretary. His reputation as a fiscal hawk also pushed gold and silver prices lower," Manoj Kumar Jain of Prithvifinmart Commodity Research, observed.

Experts highlight key levels for MCX Gold

Jain of Prithvifinmart Commodity Research said gold has support at $2,622-2,604, while resistance at $2,658-2,680 per troy ounce and silver has support at $30.30-30.10, while resistance is at $30.84-31.15 per troy ounce in today’s session.

"On the MCX, gold has support at ₹75,000-74,740 and resistance at ₹75,660-76,000, while silver has support at ₹86,800-86,000 and resistance at ₹88,500-89,200. We suggest traders stay away from gold and silver in today's session and wait for stability in the markets while long-term investors can add to the current market fall," said Jain.

Experts at brokerage firm SMC Global Securities believe gold may trade in the range of ₹75,100-75,500, and silver may trade in the range of ₹87,000-88,000, with sideways to bearish bias.

According to brokerage firm Motilal Oswal Financial Services, MCX Gold may trade within a range today with support at ₹75,150-74,900 and resistance at ₹75,700-76,000.

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.