Gold Price Today, 5 Dec 2022: Prices rise, dollar weakens due to easing lockdowns in China, dovish Fed stance Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Monday as a result of positive global cues, while silver rate was up 1.13%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,209 per 10 grams, up Rs 359 or 0.67%. Silver March futures were trading Rs 749 up at Rs 67,198 per kg on MCX. Globally, the yellow metal hit a five-month high on Monday as the dollar softened due to weakening COVID restrictions and easing lockdowns in China, according to Reuters. Spot gold was up 0.5% at $1,807.21 per ounce after climbing to its highest level since July 5 at $1,808.20 earlier in the session. US gold futures gained 0.6% to $1,819.60. Navneet Damani, Sr. VP, Commodity & Currency, MOFSLGold prices edged up and hovered near the key $1,800-level, as a softer US dollar made the greenback-priced bullion cheaper for buyers holding other currencies. US employers hired more workers than expected in November and increased wages, shrugging off mounting worries of a recession, but that will probably not stop the Fed from slowing the pace of its interest rate hikes starting this month. Chicago Fed President Charles Evans stated at an event that there could be “a slightly higher peak rate of the funds rate, even as we likely will step down” the pace of rate hikes from 75 bps. Although, precious metals packs were supported, after hints regarding slower pace of rate hikes from US central bank governor Powell.Physical gold demand stalled in India last week on higher prices, while premiums fell in top consumer China as COVID-19 restrictions dulled activity. Broader trend on COMEX could be in the range of $1800-1835 and on domestic front prices could hover in the range of Rs 53,750-55550. Rahul Kalantri, VP Commodities, Mehta EquitiesGold and silver prices were steady in early Monday trades despite stronger-than-expected US jobs data indicating more potential interest rate hikes. While US nonfarm payrolls grew more than expected in November, markets appeared to be sticking to the Federal Reserve’s message that interest rates will rise at a slower pace in the coming months. The dollar index fell nearly to 6-month lows and US 10-year bond yields also slipped to four month lows. We expect gold and silver to remain positive this week and gold prices could test $1840 and silver $24.50 per troy ounce levels. We suggest a buy on dips strategy in both precious metals. Gold has support at $1792-1780, while resistance at $1824-1840 per troy ounce. Silver has support at $22.90-22.72, while resistance is at $23.65-23.95 per troy ounce. In INR terms, gold has support at Rs 53,580–53,350, while resistance is at Rs 53,970– 54,180. Silver has support at Rs 65,980- 65,350 while resistance is at Rs 67,100–67,650. Deveya Gaglani, Research Analyst, Axis SecuritiesGold prices rallied last week and settled above $1790 for the first time in six months. The correction in the dollar index supported Bullion prices. The dollar index slipped below the $105 level for the first time in six months. As Fed chairman indicated that they will adopt a dovish stance when it comes to hiking the rate as soon as in the month of December itself. Gold price is glittering again and it has regained its safe-haven appeal. Prices are all set to touch a new high next year. A strong resistance zone is seen around the $1820 level. Breakout and sustained buying above the mentioned level may push prices higher toward the $1860 level in the coming weeks. A strong support zone is seen around the $1760 level. Also read: Nifty to head towards 19400, Bank Nifty support at 41800; buy Reliance, TCS, SBI stocks for gains Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel OneGold prices in the recently concluded week extended the winning streak, as it ended on a higher note. Although the dollar rose as a result of hawkish comments made by US Federal Reserve officials who reaffirmed their commitment to fighting inflation, the bullion started the week on a shaky note. The US dollar began to rebound after falling to a level that was nearly two weeks low, and a stronger greenback raises the cost of metals for holders of other currencies. However, the bullion had a surge to two-week highs during the week as the US Federal Reserve Chair’s speech reiterated predictions of smaller interest rate hikes. The dollar index headed for a weekly loss, a weaker greenback makes dollar-priced gold less expensive for overseas buyers. We expect gold to trade higher towards 54140 levels, a break of which could prompt the price to move higher to 54380 levels.
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oilseeds crop to hit the market.
If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.
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