Gold price today: Yellow metal falls as investors eye US macro data; experts share key levels for MCX Gold rate

Gold price today: Gold rates declined in the domestic futures market Monday morning as the US dollar rose against the basket of currencies. Moreover, investors eyed key US macro data, including PCE and GDP prints, this week to gauge the possibility of further rate cuts by the US Federal Reserve. MCX Gold for December 5 expiry traded 0.40 per cent down at ₹78,218 per 10 grams around 9:15 am.

The rising US dollar also weighed on gold prices. The dollar index was on track for its best month since April 2022. Since gold is priced in the dollar globally, a stronger dollar makes the yellow metal expensive in other currencies, making it less appealing.

Investors shift their focus to the raft of macro data in the US, including reports on consumer confidence for October and job openings for September, third quarter (Q3) gross domestic product (GDP), ADP employment for October, and advanced US trade balance in goods for September. Data on the Personal Consumption Expenditures (PCE) price index for October, personal income and personal spending for October, and the US employment cost index for Q3 will also be released this week.

Geopolitical tensions, US election-related jitters and expectations of further US Fed rate cuts are the key factors that have supported gold prices lately.

Key levels for MCX Gold

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,710-2,688, with resistance at $2,748-2,762. Silver has support at $33.15-32.80 and resistance at $33.58-33.75. In INR terms, gold has support at ₹78,050-77,850 and resistance at ₹78,750-78,940, while silver has support at ₹96,240-95,550 and resistance at ₹97,980-98,750.

Saish Sandeep Sawant Dessai, analyst of base metals at Angel One, gold may trade higher towards ₹79,400 per 10gms this week.

"Despite fluctuations, gold remains up over 31 per cent this year, underscoring its resilience as a hedge against economic and political uncertainty, though short-term pressures from the dollar and yields may temporarily temper its gains," said Dessai.

"We expect gold prices to find support in the range of ₹77,700- 77,600. Trading consistently below ₹77,600 level would lead towards strong support at ₹77,000 level and then finally towards major support at ₹76,460 level. Resistance is now observed in the range of ₹79,400- 79,500. Trading consistently above ₹79,500 would lead towards the strong resistance at ₹80,300 level and then finally towards the major resistance at ₹81,040 level," said Dessai.

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.