Gold Price Today, Dec 22: Gold Falls On Weak Global Indices Amid Omicron Fears, Check Support And Resistance



Gold rate today, gold price in India on December 22, 2021: Gold prices were trading lower in India on Wednesday, taking cues from the international market.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Wednesday, taking inspiration from the international market. On the Multi Commodity Exchange, February gold futures were reigning at Rs 141 or 0.3% down to Rs 48,099 per 10 grams, from the previous close of Rs 48,240. Silver March futures contracts were trading at Rs 61,906 per kg, up Rs 101 or 0.16%. In the previous session, silver futures closed at Rs 61,805 per kg. Globally, the yellow metal has traded in a narrow range as higher U.S. Treasury yields and improving risk appetite thwarted concerns about the rapidly spreading variant of the Omicron coronavirus. , according to Reuters. Spot gold was little changed at $ 1,789.12 an ounce while US gold futures were also unchanged at $ 1,789.50.

Tapan Patel, Senior Analyst – Commodities, HDFC Securities

Gold prices traded flat on Wednesday, with COMEX spot gold prices hovering around $ 1,790 an ounce in morning trading, while the February MCX Gold contract opened close to of Rs 48,100 for 10 grams. Gold prices fell on Tuesday as global stock indices rallied and US bond yields rose. The dollar index traded with marginal gains capping the rise in gold. We expect gold prices to trade sideways lower for the day with COMEX spot gold support at $ 1780 and resistance at $ 1800 per ounce. MCX Gold support for February is at Rs 47,800 and resistance at Rs 48,400 for 10 grams.

Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Share and Stock Brokers

The MCX Gold could appreciate as the dollar index edged down, entering a third consecutive session under pressure, with investors favoring riskier currencies and asset classes. Nonetheless, the United States Food and Drug Administration is expected to approve the COVID-19 treatment pills from Pfizer Inc and Merck as early as Wednesday. Therefore, the increase can be limited. MCX Gold February can go up to 48,200 per 10 grams.

Bhavik Patel, Commodity / Currency Analyst, Tradebulls Securities

Gold fell for a second straight rally due to a rally in the stock markets. Traders have chosen to largely ignore the potential economic risks that could arise from the new Omicron variant. The rebound in yields on US Treasuries and a better appetite for risk (especially the equity asset class) have been negative for demand for safe havens like gold. Reports of telephone conversations between US President Biden and Senator Joe Manchin also gave investors hope that Biden’s spending bill could be revived. Gold has again failed to hold above $ 1,800 and it looks like there won’t be a Santa rally for precious metals. As the holiday season approaches, we don’t see gold going above $ 1,800 and we expect gold to trade between $ 1,760 and $ 1,800 this week. In MCX, support is around 47800 and resistance is around 49000.

Ravindra Rao, CMT, EPAT, VP – Head of Commodity Research, Kotak Securities

COMEX gold trading mixed near $ 1,790 / oz after falling 0.3% in the previous session. Gold hit record highs as risk sentiment stabilized somewhat as US bond yields edged up. However, support prices persist amid the increasing spread of the variant and restrictions imposed to limit its spread. ETF investors have also moved away, indicating a lack of direction. Gold could stay in a range, but the Fed’s tightening outlook could keep the US dollar strong and this could weigh on prices

(The opinions expressed in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online assumes no responsibility for their advice. Please consult your investment advisor before investing.)

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