Current Gold Prices: As the yellow metal's price rises on the MCX, what is your best course of action?

 Current Gold Prices: As the yellow metal's price rises on the MCX, what is your best course of action?

When interest rates decline, gold prices increase. Additionally, macroeconomic data and geopolitical variables have an impact on gold prices.

Prior to US and Indian inflation statistics, gold prices increased in the local futures market on Tuesday morning, following worldwide trends. The US Federal Reserve's Wednesday, December 13th, findings are also of interest.

Economists predict that US core inflation will remain stable at a 4 percent annual rate in November and that headline inflation will remain flat, according to Reuters.

November inflation in India is expected to approach six percent owing to a strong increase in vegetable costs.

In spite of the fact that inflation is still over its 2 percent objective and the labor market is still strong, the US Federal Reserve is predicted to maintain its hold on interest rates on Wednesday, December 13, after the RBI's decision.

According to Reuters, which cited the CME FedWatch tool, there is around a 77 percent possibility of a rate decrease in May, and traders generally anticipate the Fed to keep rates constant at 5.25–5.50 percent this week.

When interest rates decline, gold prices increase. Additionally, macroeconomic data and geopolitical variables have an impact on gold prices.

At around 11:00 a.m., the price of gold on the MCX was up 0.32%, or Rs 61,315 for ten grams.

What sleeping plan should you follow?

Rahul Kalantri, VP of Commodities at Mehta Equities, predicts that today's session will see more volatility in gold prices.

"Gold is facing resistance at $1,995-2,007 and support at $1,972-1,960. Support for silver is found around $22.65-22.51, resistance is found at $23.05-23.24, according to Kalantri.

"Gold's support and resistance levels in Indian Rupee (INR) values are ₹60,870–60,710 and ₹61,280 and ₹61,470, respectively. According to Kalantri, there is resistance between ₹72,570 and ₹73,030 and support around ₹71,350–70,680 for silver.

Motilal Oswal Financial Services, a brokerage company, predicts that MCX Gold will move throughout the day in a range.

"For MCX Gold, resistance is around ₹61,500-61,700, while support is at ₹61,100-60,900. Support and resistance for MCX Silver are located around ₹71,600–71,200 and ₹72,700–73,300, respectively, according to Motilal Oswal.

SMC Global Securities thinks that gold may trade with a mixed bias between ₹61,400 and 61,400 and that silver may trade between ₹71,500 and 72,100.