Gold price today: Heightened geopolitical tensions, coupled with easing US dollar and bond yields, continue to support gold prices, as the yellow metal rose in the domestic futures market on Friday morning. MCX Gold for December 5 expiry traded 0.53 per cent higher at ₹77,102 per 10 gram around 9:40 am.
According to Reuters, gold prices in international markets were set for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war.
As Mint reported earlier, Russian President Vladimir Putin confirmed on Thursday that Moscow had deployed an experimental ballistic missile with a medium-range hypersonic warhead, targeting the Ukrainian city of Dnipro. The strike comes amid heightened tensions over Ukraine’s use of Western-supplied long-range weaponry.
Gold's appeal as a safe-haven asset grows in times of geopolitical uncertainty.
Investors focus is now on the upcoming US macro data next week, such as the preliminary GDP and core PCE.
The recent US jobless claims data and a sharp jump in Bitcoin prices have capped gold prices.
"Gold extended its gains following reports of Russia launching a long-range missile on Ukraine, intensifying tensions and increasing safe-haven demand for the precious metal. However, the decline in US jobless claims last week to 2,13,000, compared to an expected 2,20,000, capped the rise in precious metals," Rahul Kalantri, VP of commodities at Mehta Equities, pointed out.
The dollar index also strengthened, surpassing the 107 mark to reach a two-year high, further limiting gains. Bitcoin crossed the $98,000 mark for the first time on Thursday, contributing to the pressure on precious metals," said Kalantri.
According to Kalantri, gold has support at $2,652-$2,531 and resistance at $2,692-$2,810. Silver has support at $30.62-$30.45, with resistance at $31.22-$31.45. In INR terms, gold has support at ₹76,380- ₹76,150, with resistance at ₹76,950- ₹77,240. Silver has support at ₹89,450- ₹89,050 and resistance at ₹90,750- ₹91,480.
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $2,658-2,644, while resistance at $2,688-2,700 per troy ounce and silver has support at $30.70-30.35, while resistance is at $31.20-31.50 per troy ounce in today’s session.
"On the MCX, gold has support at ₹76,400-76,140 and resistance at ₹76,920-77,200. We suggest booking profits in gold and silver in long positions and waiting for some corrective dips to initiate fresh positions," said Jain.
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