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Gold Price Today: After the U.S. officials’ hawkish stance, gold prices have taken an interesting turn. Gold futures closed higher Friday following a volatile week that witnessed prices climbing to almost a six-month high but posting a weekly decline, given the anticipations over an interest rate hike.
Commodity market experts believe that after the monetary policy tightening by the Fed officials, gold lessened its last week’s gains but has hinted at fresh upside movement on the weekend trade. They said that gold prices might go up to ₹55,500 levels in the near term There are speculations that in international markets, the yellow metal price can go up to $1,840 levels.
Gold prices in the U.S.:
At the time of writing, Spot gold was up 0.93% to $ 1,793.13 per ounce. Meanwhile, U.S. gold futures rose 0.85% to $1,803.00.
The U.S. dollar rose on Friday, extending sharp gains in the earlier session as risk appetite among investors soured on the prospect that borrowing costs still have a long way to climb.
Experts opine that gold prices have strong support in the spot market at $1,740 per ounce levels. There are expectations that in the global market, gold rate may reach up to $1,840 levels.
Gold price in India today, 17 December.
In India, Gold traded higher today as 10 grams of 24-carat gold is valued at Rs 54,490 (up Rs. 270). 10 grams of 22-carat gold is valued at Rs 49,950 (up Rs. 250). Global uncertainties and the rise in corona cases due to the relaxation of covid-19 curbs in China will support the precious metal.
They are anticipated to remain supported by the ₹53,200 to ₹52,900/10 gm zone, while surpassing the ₹55,000/10 gm mark is expected to facilitate a further rise in prices towards ₹55,500 per 10 gm area.
Source: Goodreturns
Gold rate in Dubai, 17 December:
Gold prices in Dubai traded higher today. The gold price for 24k Per 10 Grams is AED 2,172.50 (a rise of 10 AED). At the same time, 22k Per 10 Gram gold price is AED 2,010 (an increase of 7.50 AED).
Gold Rate in Singapore:
Each gram of 24K gold is priced at 84.10 SGD (a jump of 0.30 SGD from yesterday’s price). Meanwhile, 22K gold per gram costs 75.80 SGD (up 0.40 SGD compared to yesterday’s price.)
Gold Price Prediction 2023:
Gold price forecast: Saxo Bank, which is a Danish investment bank, had earlier stated that the value of the precious metal gold could jump up to $2,075 as inflation continues to increase its price. The firm expects the Gold price to reach the $3,000 mark sometime in 2023 eventually.
An important factor that could impact gold prices is China. China’s end to the Zero Covid policy can likely result in an increase in gold demand, besides rising commodity prices can also contribute to the upward price movement.
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