Gold rises on global cues, Fed minutes and US jobs data awaited

Gold rises on global cues, Fed minutes and US jobs data awaited

VoM News Desk | January 3, 2024 | 11:11 AM IST | Breaking News | Follow on Google News

Gold rises on global cues, Fed minutes and US jobs data awaited

Gold rises on global cues, Fed minutes and US jobs data awaited

Gold prices edged higher in the domestic futures market on Wednesday, January 3, as investors awaited the release of the minutes from the Federal Reserve’s latest policy meeting and the US jobs data. The precious metal also got a boost from positive global cues, as geopolitical tensions and weak domestic equities increased its safe-haven appeal.

Media reports said that Israel killed Hamas deputy leader Saleh al-Arouri in a drone strike in Lebanon’s capital Beirut on Tuesday, adding to the uncertainty in the Middle East. Traders also priced in a high probability of the Fed cutting rates by 25 basis points in March, according to the CME’s Fed watch tool. Lower interest rates reduce the opportunity cost of holding gold and make it more attractive for investors.

Around 10:15 am, MCX Gold for February 5 series traded 0.12 per cent higher at ₹63,330 per 10 grams. Experts said that gold prices may trade in a range for the session, depending on the geopolitical news and the movement in the dollar index. They also advised buying silver on dips, as both the metals are in a long-term uptrend.

Gold has support at $2,062-2,050 and resistance at $2,084-2,100 per troy ounce in the international markets, while silver has support at $23.74-23.55 and resistance at $24.20-24.45 per troy ounce. On the MCX, gold has support at ₹63,100-62,950 and resistance at ₹63,400-63,580, while silver has support at ₹73,650-73,200 and resistance at ₹74,500-74,950. (Word count: 300)

VoM News Desk

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