Best SEBI Rgistered RA firm - Gold price today: Yellow metal rises as dollar sees profit booking; experts share key levels for MCX Gold rate

Gold prices increased in the domestic futures market on Tuesday, fueled by positive global trends and strong local demand. A weaker dollar, influenced by profit-booking, also enhanced market sentiment.



Gold price today: Gold rates rose in the domestic futures market on Tuesday morning, supported by positive global trends and strong demand in the local spot market. A weaker dollar, driven by profit-booking against major currencies, further bolstered sentiment. MCX Gold for December 5 expiry traded 0.43 per cent higher at ₹75,369 per 10 grams around 9:10 am.

In international markets, gold prices climbed as the US dollar eased on profit booking after last week's solid gains. Gold is priced in dollars globally, so bullion becomes more affordable for buyers using other currencies when the US currency weakens.

According to Reuters, traders currently see a 58.8 per cent chance of a 25-basis-point cut in December versus 41.2 per cent odds of holding the rates steady. Recent strong economic data in the US has dented expectations of a deep Fed rate cut. 

Persisting geopolitical tensions are supporting gold prices. According to a Reuters report, "Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, severely damaging the country's power system." Moreover, President Joe Biden's approval of Ukraine's use of US-supplied missiles has also added to the uncertainty on the geopolitical front.

Experts believe geopolitical uncertainty, rate cuts and central bank-buying augur well for the yellow metal.

According to global financial firm Goldman Sachs, gold prices may reach $3,000 an ounce by December 2025

Key levels for MCX Gold rate

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold on dips around ₹74,770 with a stop loss of ₹74,400 for the target of ₹75,500.

"Gold has support at $2,600-2,584, while resistance at $2,634-2,650 per troy ounce and silver has support at $30.84-30.55, while resistance is at $31.50-31.80 per troy ounce in today’s session. On the MCX, gold has support at ₹74,770-74,500 and resistance at ₹75,330-75,650 while silver has support at ₹89,800-89,150 and resistance at ₹91,200-92,000," said Jain.


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