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After a historic tightening cycle by the U.S. central bank, an economic downturn or recession is looking more likely. Investors are concerned if it will be good for gold or not.
For the most part of this year, an aggressive Fed and a strong U.S. dollar weighed on gold, thus putting a price limit on any potential rally. Meanwhile, a stronger USD has also weighed on the yellow metal. At yesterday’s price Year-to-date, spot gold is almost flat, down 0.3%. This is following a December rally that pushed prices from a low of $1,750 an ounce at the start of the month to yesterday’s high of $1,830 an ounce.
Gold price in the U.S.:
On Wednesday, Spot gold declined 0.2% at $1,814.74 per ounce after rising over 1% on Tuesday owing to a dip in the dollar. U.S. gold futures were flat at $1,826.00.
Noticeably, a weaker U.S. dollar is considered good for commodity prices. The U.S. dollar.DXY declined against a basket of leading currencies following a sudden move by the Bank of Japan (BoJ) to twist its bond yield control program.
Gold Price In India on December 21:
Amidst mixed global cues, gold prices in India mostly traded on the higher side of the Multi Commodity Exchange (MCX) for the third day in a row on Wednesday (December 21). Gold February futures was spotted trading at Rs 54,930 per 10 grams, up Rs 32 or 0.06% in the early morning trade on Wednesday.
In India, 22 Carat Gold Price Per gram was up Rs. 50 at Rs. 5010 according to good returns. Meanwhile, 24 Carat Gold Price Per gram was up Rs. 54 at Rs. 5,465.00.
Source: Goodreturns
Gold price in Dubai on December 21:
In Dubai, Gold prices remained unchanged today at the time of writing this article. The rate of 24 Carat/gram in Dubai is 218.75 AED. The gold rate (22 Carat/gram) is 202.50 AED.
Gold price in Singapore:
In Singapore, gold prices were slightly up today. Each gram of 24K gold is priced at 85 SGD (up 1.10 SGD compared to yesterday’s price). Meanwhile, 22K gold per gram costs 76.40 SGD (up 1 SGD change from the previous price).
Bottom Line:
Bullion prices are anticipated to remain volatile in today’s session on the back of sharp currency movements. Market experts have kept Gold’s support price and resistance at $1805-1792 and $1828-1840. It is believed that gold prices may rally on expectations of disappointing economic data from the U.S.
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