Globe Capital Research Report

Gold edged lower on Thursday due to a slight uptick in the dollar, although bullion traded in a narrow range as investors looked to the U.S. Federal Reserve's interest rate hike decision next week.

Bullions counter may remain volatile path as supported by a pullback in the dollar and U.S. bond yields. Gold (Feb) can move in range of 53800-54200 while silver (Mar) can move towards 65400-66800. Most investors expect the Fed to deliver a 50-basis point rate hike at its final meeting of 2022 scheduled on Dec. 13-14.

Nifty index settled near the day’s low due to steep selloff witnessed in the final half an hour of trading, closed shop at 18560 levels, down 82 points from its previous closing levels.

Spot gold may break a support at $1,766 per ounce and fall into $1,748-$1,755 range, as a bounce triggered by this support has completed.

Bullions counter may trade higher as the dollar weakened as investors looked to gauge the pace of rate hikes by the U.S. Federal Reserve. Gold (Feb) can move in range of 53550-54000 while silver (Mar) can move towards 64000-66300.

Domestic benchmark Nifty index settled 54 points lower but near the day’s high after lackluster trading session, closed shop at 18642 levels.