Gold and silver prices today: Yellow metal trades steady as US dollar ticks lower

Gold opened on the Multi Commodity Exchange (MCX) on Friday at Rs 61,072 per 10 grams and hit an intraday low of Rs 61,056. In the international market, prices hovered around $1,994.27 per troy ounce.

Meanwhile, silver opened at Rs 72,899 per kg, hit an intraday low of Rs 72,850 on the MCX, and hovered around $23.73 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices are trading steady as the US dollar ticked lower, but investors remained largely on the sidelines in holiday-shortened trading with uncertainty around the  Federal Reserve’s rate path.”

The lighter trade volumes on the back of US Thanksgiving Day also contributed to the lower volatility witnessed in yesterday’s session. Expectations that the Federal Reserve may pursue less aggressive interest rate hikes have supported the recent rally in gold prices.

However, U.S. economic indicators this week sent mixed signals to investors. Unemployment claims dropped significantly, suggesting strength in the labour market, while consumer sentiment revealed growing concerns over inflation, and durable goods orders decreased.

Modi said, "Fed officials agreed at their most recent policy meeting that they would proceed "carefully" and only raise interest rates if progress in controlling inflation faltered, according to minutes of the October 31-November 1 gathering. Focus today will be on preliminary manufacturing and services PMI data from the US."

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"For trading, gold may trade between $1985 to $2010 levels and on the MCX, it may trade between 60800 to 61500 levels. Silver may trade between 72500 and 73500 levels," said Anuj Guthe pta, Head of Commodity and Currency at HDFC Securities.

Amit Khare, Associate Vice President at GCL Broking, said, "December Gold closed at 61070(0.08%) and December Silver closed at 72904(0.11%). As per the daily chart, Bullions are looking strong now, and Momentum Indicator RSI is also indicating the same, So traders are advised to make fresh buy positions in Gold and Silver near the given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 60900/60700 and Resistance 61300/61500. Silver December Support 72700/71700 and Resistance 74000/74500."