Sone ki kimat – Gold prices are once again skyrocketing in the country’s bullion markets, threatening to strain consumers’ budgets. Gold is once again nearing its all-time high, causing consumers to sweat. Gold prices have already seen a significant increase over the past year.
As of 6:23 am on December 4th, spot gold prices were trading around $4,213 per ounce. It also recorded a 1.18% recovery from the previous low of $4,169. The possibility of another rate cut at the US Federal Reserve policy meeting appears to be supporting gold. December gold futures in India closed strong at ₹130,350 per 10 grams yesterday. If you’re looking to make a profit, you can learn from experts.
Reasons for the Rise in Gold
What’s the reason for the sudden increase in gold prices? According to Rahul Gupta, Chief Business Officer of Ashika Group, MCX Gold continues to see strong buying activity. Global safe-haven demand is also increasing. Gold continues to receive support from expectations of a FOMC rate cut, a weak rupee, and central bank buying.
This further strengthens its inflation-hedging appeal. According to an Augmont Bullion report published on December 3rd, gold has resumed its upward trend. Its next targets are $4,300 (Rs 1,32,000) and $4,345 (Rs 1,33,500). There is strong support below $4,200 (Rs 1,29,000).
One-Week Gold Movement
Meanwhile, Jatin Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, has provided some important information. He explained that gold prices on MCX rose due to uncertainty surrounding the India-US trade deal and a fall in the rupee amid record gains in bullion and metals.
COMEX gold traded in a tight intraday range between $4,228 and $4,200. He further stated that the market is closely monitoring the ADP Nonfarm Payrolls and Core PCE Price Index, which will act as major triggers for gold this week. Furthermore, the rupee’s weakness is further strengthening MCX gold, which is currently overbought.
Know where commodity earnings will be today.
In such a scenario, everyone wants to know where commodity earnings will be today. In fact, Vandana Bharti of SMC Global Securities is with us today for the earnings call. She sees several opportunities for profit in gold and crude today. She recommends buying MCX GOLD around 130,000 and placing a stop loss at 129,200. Set a target of Rs 132500.
