Gold price today: MCX gold fell to ₹1,23,300 and silver dropped to ₹1,55,424 as the stronger dollar weighed on bullion ahead of key US economic data and Fed signals.

Gold price today : In the face of poor global cues and the strengthening dollar, gold and silver prices fell in the domestic futures market on Monday morning, November 17. At 9:10 a.m., MCX Gold December futures were down 0.21 percent at ₹1,23,300 per 10 grams. At that moment, MCX Silver December contracts were down 0.38 percent at ₹1,55,424 per kg.

Demand and prices for gold were impacted by the dollar index’s 0.14 percent increase. Because gold is backed by dollars, an increase in the value of the US dollar affects the demand for the yellow metal by making it more expensive in other currencies.

This week’s US macro data, including Thursday’s September nonfarm payrolls report, is currently the main focus. Market expectations for the US Federal Reserve’s impending monetary policy decision in December and perceptions of the state of the largest economy in the world will be influenced by these data prints.

Government data release has been postponed due to the recently concluded US government shutdown. But according to media sources, the Bureau of Economic Analysis at the Commerce Department is planning to revise its data release schedule.

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In the meantime, Reuters reports that “traders are currently pricing in a 46 per cent probability of a 25 basis points Fed rate cut next month, down from 50 per cent last week.” When interest rates are low, gold prices often increase.

“It is anticipated that the forthcoming non-farm payrolls report will provide important information regarding the path of Federal Reserve policy. Following hawkish Fed indications, expectations of a December rate cut fell to 46%, according to Rahul Kalantri, vice president of commodities at Mehta Equities.

“Both precious metals are headed for their best yearly performance in decades, despite short-term volatility. Bullion’s upward momentum is being sustained by strong central bank purchases and enduring safe-haven desire in the face of geopolitical and fiscal uncertainty, according to Kalantri.

Silver and gold: Important levels to observe

Kalantri states that the resistance levels for gold are $4,115 and $4,140, while the support levels are $4,035 and $4,000. The resistance levels for silver are $51.25 and $51.50, while the support levels are $50.30 and $49.85.

According to Kalantri, gold has resistance at ₹1,24,950 and ₹1,25,500 and support at ₹1,22,950 and ₹1,22,380 in INR. Resistance for silver is at ₹1,56,740 and ₹1,57,880, while support is at ₹1,53,850 and ₹1,52,500.

In line with worldwide trends, Jigar Trivedi, Senior Research Analyst at Reliance Securities, predicts that MCX Gold will maintain a positive bias and stay between ₹1,23,000 and ₹1,24,000 per 10 grams.