Gold Prices Today: The price of gold was slightly up in early morning trading across Asia on Thursday, December 22. However, the price of the yellow metal moved in a tight margin as investors eagerly await economic data for further direction.
Today, gold prices were also supported by a weaker US dollar in holiday-weakened trading.
Third quarter US gross domestic product (GDP) data and weekly jobless claims are expected at 1330 GMT.
Gold price in the US:
As of 0225 GMT, Spot gold was up 0.2% to $1,818.40 an ounce, while US gold futures were up 0.1% to $1,827.70.
Traders and market participants are waiting for any indications of inflation from the Personal Consumption Expenditure (PCE) data scheduled for Friday. The PCE data is seen as a crucial indicator; if inflation continues to fall, the dollar will weaken further and gold will take on a more stable tone as a result.
Traditionally, bullion has been considered an inflation hedge, but the metal tends to lose its luster because it pays no interest.
Gold price in India on Thursday:
Gold prices traded higher in India as the Multi Commodity Exchange (MCX) opened Thursday. Gold futures, due February 3, 2023, are up 0.03% today at 55090.00 on the MCX.
The price of 24 karat gold in India on Dec 22, 2022, for 1 gram is ₹5,482 (up to Rs. 17), and for 10 grams, the price of gold is ₹54,820 (up to Rs. 170).
Source: Good Returns
Gold price in Dubai, December 22:
The gold price remained unchanged at the time of writing this article today. The rate of 24 carat/gram in Dubai is 220.25 AED. The gold rate for 22 Karat/gram is 204 AED.
Gold price in Singapore, December 22:
Gold prices in Singapore traded slightly lower on Thursday.
Today, each gram of 24-karat gold in Singapore costs SGD 84.90 (SGD 0.10 lower than yesterday’s price). Meanwhile, 22K gold costs 76.30 SGD per gram (-0.10 SGD change from the previous price).
Gold prices remain bullish or bearish?
Gold has gained nearly $200 since falling to a more than two-year low in late September as expectations of rate hikes by the Federal Reserve weakened the dollar’s charm.
As of December 21, China reported 3,030 new symptomatic COVID-19 infections, according to Reuters. If China, the main precious metal consumer, again imposes lockdown restrictions and derails the Chinese economy, demand for gold is likely to take a hit and this will affect almost all commodities, including gold.
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