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Gold Price Today: Gold prices inched higher today as recession fears mounted in the U.S., and investors shied away from riskier bets. Gold is usually considered a safe haven asset at times of economic uncertainty, and investors tend to invest their money in it rather than going for speculative assets. There are worries that Fed’s tightening monetary policy could push the U.S. economy into a recession.
Typically, during a recession, riskier assets such as stocks and high-yield bonds are likely to lose value, while gold and U.S. Treasuries tend to appreciate.
Gold price in the U.S.:
On Tuesday, December 20, as of 00:35 N.Y. Time, the spot gold price was up 0.01% to US$1,787.95 an ounce. At the time of writing, U.S. gold futures were down 0.06% at 1,796.55. This indicates that the higher bond yields have weighed on the precious metal.
Source: Kitco
Gold rate in India on Tuesday:
Gold traded on the higher side of the Multi Commodity Exchange (MCX) for the second day in a row on Tuesday. At 11:15 AM today, Gold futures, maturing on February 3, 2023, were spotted trading at Rs 54,399.00 after experiencing a jump of Rs 139 or 0.26%.
Source: Money Control
Gold price in Dubai, December 20:
Gold prices traded slightly lower in Dubai today. The rate of 24 Carat/gram in Dubai is 216.75 AED (down AED 0.50 compared to the previous price)
The gold rate (22 Carat/gram) is 200.75 AED (down 0.25 AED over the previous price).
Source: Goodreturns
Gold price in Singapore, December 20:
Today, in Singapore, each gram of 24K gold is priced at 83.90 SGD (down 0.20 SGD compared to yesterday’s price). Meanwhile, 22K gold per gram costs 75.40 SGD (down 0.40 SGD from the previous price).
Gold price forecast 2023:
Gold Price Prediction: In 2023, the gold market is likely to continue to outperform most asset classes. As per market experts, gold prices hold support at over $1,600 an ounce.
Nevertheless, some leading banks and commodity analysts anticipate a drastic push in gold prices after the first half of the next year.
In last week’s monetary policy meeting, the U.S. central bank forecasted the rate to end in 2023 at a range of 5% to 5.25%.
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