Gold Price Above Rs 49,000; US Fed Meeting in Focus

Gold Price Today : India Gold February futures trade flat on December 15 but with a positive bias as investors wait for the outcome of the US Federal Reserve meeting which will begin on December 15-16.

On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.21 percent at Rs 49,044 per 10 gram at 09:20 hours. March silver was trading 0.31 percent higher at Rs 63,667 per kilogram.

Experts are of the view that precious metals could remain volatile ahead of the outcome of the US Fed meeting. The immediate support for Gold is placed at Rs 48,700 while on the upside, the yellow metal could face resistance near Rs 49150.

Silver and gold price showed some weakness on December 14 amid investors’ risk appetite turned up after the U.S. rolled out the COVID-19 vaccine. Despite weakness in the dollar index both the precious metals were settled on a weaker note.

Gold February futures contract were settled at $1832.10 per troy ounce while Silver March futures contract settled at $24.05 per troy ounce.

Both the precious metals were also settled on a weaker note in the domestic markets. Safe-haven assets slipped on Monday amid progress on COVID-19 vaccines and the possibility of a U.S. coronavirus relief plan, suggest experts.

“Market is also eyeing two day’s U.S. Federal Reserve policy meeting starting from today, which could reveal insight on the plans for the U.S. central bank in the coming year. We expect both the precious metals to remain volatile in today’s session ahead of the U.S. Federal Reserve meeting and volatility in the dollar index,” .

“Gold has support at $1818-1800 per troy ounce and resistance at $1844-1858 per troy ounce. Silver has support at $23.80-23.55 per troy ounce and resistance at $24.30-24.60 per troy ounce,” he said.

Gold Price Above Rs 49,000; US Fed Meeting in Focus via @goldsilverrepor
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