Gold prices declined marginally in the last trading session of 2023. Despite a slight dip, gold prices clocked their best year in three, as expectations regarding US interest rate cuts early next year and the war in Ukraine and tensions in the Middle East lifted safe-haven demand.
February gold futures were trading at Rs 63,795 per 10 grams on the MCX at 10.20 am and were up by Rs 117 or 0.18% from Wednesday s closing price. Meanwhile, March Silver futures were trading at Rs 75,690 per kg and were higher by Rs 43 or 0.06% around this time.
"Gold prices are likely to remain high as weakened US dollar, lower Treasury yields, and heightened expectations of a Federal Reserve interest rate cut keep prices underpinned," Saish Sandeep Sawant Dessai, Analyst at Angel One, said.
MCX Gold December contract is forming a higher high and higher low pattern, indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily chart, the MCX Gold December contract is forming a higher high and higher low pattern indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.