February 4, 2023

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.

advertisement

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).

Gold price in India today

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 Dubai

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 price in Singapore

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.

Priyanka is currently covering the latest developments in the crypto market, NFTs, Metaverse, ICOs and Blockchain. She enjoys writing research-based, informative articles for investors, especially those new to the market. She has an MBA and is currently deep into the crypto market. Priyanka studied journalism at the Indian Institute of Mass Communication, New Delhi, and started her career as a journalist for the English daily newspaper ‘The Pioneer’. She has more than five years of experience. During this time she was also associated with political consultancies such as IPAC and worked on governance related issues. Later, Priyanka developed a strong interest in finance, and while completing her MBA, she worked as an analyst at a reputable stock research firm. After discussing global stocks, IPOs, ASX 200, commodities and moving stories in North America, she realized there is much more to discover. It was then that she decided to enter the crypto market.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

Leave a Reply

Your email address will not be published. Required fields are marked *