Gold prices remained largely unchanged on Wednesday as markets awaited the US jobs data and comments from Federal Reserve Chair Jerome Powell for further clues on the US interest rate cut path.
As of 10:10 am, February gold futures were trading at Rs 76,871 per 10 grams on the MCX, down by Rs 32 or 0.04% from the previous session’s closing price. Meanwhile, March silver futures were at Rs 92,219 per kg, rising by Rs 22 or 0.02%.
Meanwhile, spot gold held its ground at $2,644.42 per ounce, as of 0203 GMT. US gold futures eased 0.1% to $2,666.40.
Markets are closely watching the US ADP employment report, due at 6:45 pm IST, ahead of the US payrolls report on Friday. Powell is also set to speak later in the day in what is expected to be his final public remarks before the Fed’s December meeting.
Traders are assigning a 73% probability to a 25-basis-point rate cut by the Fed this month, according to the CME Group’s FedWatch Tool. Expectations of a total 80 bps cuts by the end of 2025 remain intact.
Meanwhile, data on Tuesday showed that US job openings increased moderately in October while layoffs declined. A strong jobs report could lead the Fed to take a cautious stance on cutting rates.“The upcoming speech by the U.S. Federal Reserve Chairman and the U.S. ADP non-farm payroll data, due later today, could provide further direction for the precious metals market,” said Rahul Kalantri, VP Commodities, Mehta Equities.”Gold has support at Rs 76,580-Rs 76,410 and resistance at Rs 77,070-Rs 77,240, while silver has support at Rs 91,550-Rs 90,880 and resistance at Rs 92,850-Rs 93,340,” Kalantri added.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,496/8 grams while pure gold (24 carat) prices stand at Rs 62,408/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,160/8 grams while pure gold (24 carat) prices stand at Rs 60,960/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,672/8 grams while pure gold (24 carat) prices stand at Rs 60,400/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,104/8 grams while pure gold (24 carat) prices stand at Rs 60,896/8 grams.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)