Gold prices seen range-bound in December as uncertainty looms

Uncertainty caused by the discovery of a new variant of COVID-19 and possible monetary policy tightening by the US Federal Reserve at its upcoming meeting have created a very interesting scenario for gold prices in the current month. Some expect prices of the yellow metal to rise as the Omicron variant has cast a shadow on recovery in the global economy. Majority of the traders and analysts polled by Informist expect gold prices to be range-bound this month. The average of forecasts of the 11 poll participants pegs futures contracts of the yellow metal at 46,883-49,239 rupees per 10 gm on the Multi Commodity Exchange of India.