Gold was trading flat in India market and other Asian markets on December 23 morning, as traders awaited economic data due later in the day to gauge the US Federal Reserve's rate hike stance.
At 10.31 am, gold was trading 0.02 percent higher on the Multi Commodity Exchange (MCX) at Rs 54,530 for 10 grams. Silver was up 0.39 percent at Rs 68,789 a kilogram.
In the international market, spot gold was little changed at $1,793.22 a troy per ounce. US gold futures were up 0.3 percent at $1,801.20.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices fell sharply on December 22, as bullion felt the heat following stronger-than-expected US Q3 GDP numbers.
Economic data released in the US showed the economy expanded at an annualised rate of 3.2 percent during the third quarter, above the estimated 2.9 percent.
Weekly US jobless claims did not rise as much as economists were expecting. Better-than-expected economic data added to fears of further Fed rate hikes in 2023, supported the dollar index and pushed precious metals lower.
We expect bullion to remain volatile on December 23. Gold has support at $1,784-1,772, while resistance is at $1,812-1,822.
Silver has support at $23.42-23.25, while resistance is at $23.88-24.05. In rupee terms, gold has support at Rs 54,150-53,850, while resistance is at Rs 54,620, 54,780. Silver has support at Rs 67,850-67,380, while resistance is at Rs 68,920–69,480.
Nirpendra Yadav, Senior Research Analyst, Swastika Investmart
Gold and silver prices retreated from a nine-month high as the US unemployment claims and final GDP QoQ data stood stronger. Better-than-expected US GDP data amid rising interest rate scenario put pressure on precious metals.
The price of bullion is likely to fall due to profit booking ahead of the Christmas holidays. Gold has resistance at Rs 54,900 and support at Rs 54,500. Silver has resistance at Rs 69,700 and support at Rs 68,200.
Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel One
Gold is witnessing a volatile move, as the metal retraced over 1 percent to end below $1,800 on December 22. After US economic numbers revealed that the country's economy recovered more quickly than expected in the third quarter, gold declined as the dollar strengthened.
As inflation decreased, US consumer confidence increased more than anticipated to its highest level since April.
We expect gold to trade lower towards Rs 54,110, a break of which could prompt the price to move lower to Rs 53,820 levels.
(With agency inputs)
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