Gold Shines Brighter Today! MCX Rates Rise as the Dollar Dips and Global Cues Turn Positive. Analysts See Key Breakout Levels Ahead

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Gold price today moved higher as global signals turned positive and the US dollar fell. On MCX, December Gold futures rose 0.27% to Rs. 1,20,939 per 10 grams in early trade. Silver December futures also climbed 0.60% to Rs. 1,47,938 per kg.

The rise in MCX gold came after the dollar index slipped below 100. A weaker dollar makes gold cheaper for buyers using other currencies, which often increases demand for the metal.

Global Cues and Fed Rate Hopes Lift Sentiment
Global gold prices also got a lift from hopes that the US Federal Reserve may cut interest rates in December. The ongoing US government shutdown and fresh tensions across regions pushed many investors to buy gold and silver as safe options.

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Market experts said that both metals are holding key levels. Manoj Kumar Jain from Prithvifinmart Commodity Research said gold has strong support at Rs. 1,20,000 and Rs. 1,19,400, with resistance near Rs. 1,21,200 and Rs. 1,21,850. For silver, support is seen at Rs. 1,46,100 and Rs. 1,45,000, while resistance stands at Rs. 1,48,200 and Rs. 1,49,400.

Jain added that gold prices are steady and may rise again if they cross Rs. 1,21,750. Silver could also see gains if it moves above Rs. 1,50,000.

Analysts Share Outlook and Key Levels to Watch


Rahul Kalantri of Mehta Equities said the trend for gold price today is positive above Rs. 1,20,600. He expects gold to trade between Rs. 1,20,600 and Rs. 1,21,800, with a possible rally if global uncertainty continues.

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Spot gold prices in India are near Rs. 12,202 per gram for 24-carat and around Rs. 11,185 for 22-carat. Technical charts also show improving strength, suggesting buying on dips could be a good plan if gold stays above Rs. 1,20,600.

Experts believe gold may continue to move in a limited range for now. On the other hand, if the US economy deteriorates even more or the dollar remains under duress, then the price of gold could probably rise to a higher level.

Overall, the gold price today shows growing strength as investors prefer safe assets amid global worries and a falling dollar.

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