Gold price are rising steadily, sustained by a falling dollar

Gold contracts were trading 0.17% lower on the Multi-Commodity Exchange (MCX) at Rs 52,200 for 10 grams

FPJ Web DeskUpdated: Wednesday, November 23, 2022, 10:48 AM IST
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Gold prices inched up on Wednesday buoyed by a weaker dollar, while investors awaited the minutes of the U.S. Federal Reserve's latest policy meeting that could offer clues on further interest rate hikes.

Spot gold was up 0.1% at $1,741.80 per ounce by 0044 GMT. U.S. gold futures edged 0.2% higher to $1,742.70.

At 9:59 am, gold contracts were trading 0.17% lower on the Multi-Commodity Exchange (MCX) at Rs 52,200 for 10 grams. Silver shed 0.07 percent at Rs 60,945 a kg.

Gold becomes less expensive for other currencies, holding them there for longer in order to limit consumer demand and lower excessive inflation. The dollar dropped 0.6% overnight and was steady at 107.080 during early trading on Wednesday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.10% to 906.93 tonnes on Tuesday from 906.06 tonnes on Monday.

Spot silver was steady at $21.08 per ounce, platinum rose 0.4% to $994.50, while palladium was little changed at $1,858.20.

The intraday chart shows that gold prices are currently trading below the 100 EMA, which could increase the selling pressure on precious metals. Support for gold is at Rs 51700, and resistance is at Rs 52700. Silver has support at Rs. 60000 and resistance at Rs. 62050.

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