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Below is Weekly Gold Quote 24 December 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Gold managed to edge marginally higher for yet another week amid mixed global cues. The surprise tweak from the Bank of Japan to allow government bonds to move in a wider range weakened the dollar and triggered a surge in precious metals. However, news reports of a surge in covid cases and lingering fear of the US Fed continuing with the rate hike regime derailed the momentum and trimmed gains in the final sessions. Eventually, the domestic gold near-month futures at MCX settled at 54,561 levels(+0.5%) and international gold closed at $1804.2(+0.22%).

We might see muted action next week with the beginning of the holiday season and the lack of any major events. Technically, indications are in the favor of consolidation, with the possibility of a marginal dip first. On the domestic front, it may find support around the 53,900 zone while the 55,000+ zone would continue to act as a hurdle. While on the international bourses, we expect the range to be $1780-$1830. Participants should plan their positions accordingly and use a dip toward the lower band of the expected range to buy fresh as the overall trend is still bullish.

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