Gold Prices Today: Gold prices were slightly up in the early morning trading hours across Asia on Thursday, December 22. However, the price of the yellow metal moved in a tight range as investors are keenly waiting for economic data for further direction.
Today, Gold prices were also supported by a softer US dollar in holiday-thinned trading.
The U.S. third-quarter gross domestic product (GDP) data and weekly jobless claim numbers are due at 1330 GMT.
Gold price in the U.S.:
As of 0225 GMT, Spot gold was up 0.2% to $1,818.40 per ounce, while U.S. gold futures gained 0.1% at $1,827.70.
Traders and market participants are in a wait-and-watch situation for cues on inflation from the personal consumption expenditure (PCE) data scheduled on Friday. The PCE data is seen as a crucial indicator; if inflation comes down continuously, the dollar will weaken further and as a result, gold will get a steadier tone.
Traditionally, Bullion is considered an inflation hedge, however, the metal tends to lose its gleam as it pays no interest.
Gold Rate in India on Thursday:
Gold prices were trading higher in India when the Multi Commodity Exchange (MCX) opened on Thursday. Gold futures, maturing on February 3, 2023, jumped 0.03% at 55090.00 on the MCX today.
The price of 24-carat gold in India on December 22, 2022, for 1 gram stands at ₹5,482 (up Rs. 17), and for 10 grams, the price of gold is ₹54,820 (up Rs. 170).
Gold rate in Dubai, December 22:
Gold prices 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 Carat/gram is 204 AED.
Gold price in Singapore, December 22:
Gold prices in Singapore traded a tad lower on Thursday.
Today, in Singapore, each gram of 24K gold is priced at 84.90 SGD (down 0.10 SGD compared to yesterday’s price). Meanwhile, 22K gold per gram costs 76.30 SGD (-0.10 SGD change from the previous price).
Gold prices to remain bullish or bearish?
Gold has gained nearly $200 since declining to a more than two-year low in late September as expectations over interest rate hikes by the Federal Reserve weakened the dollar’s charm.
According to Reuters, China reported 3,030 new symptomatic COVID-19 infections on December 21. If China, the top bullion consumer imposes lockdown curbs again and the Chinese economy goes off track, gold demand will likely take a hit and this will be bearish for almost all commodities, including gold.