Gold Rate Today: Yellow metal trades range bound ahead of Fed FOMC. What should traders do?
Gold fell on Tuesday ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting which begins later today as investors await the outcome. The trade is expected to remain in a narrow range.
MCX December gold futures were trading at Rs 61,140 per 10 gram, down by Rs 140 or 0.23% from the Monday closing price. They are at five month high levels. Meanwhile, the December Silver futures were trading at Rs 72,460 per kg, lower by Rs 295 or 0.41%.
On Comex, gold futures were trading at $2,001.30 per troy ounce on Tuesday, down by $4.30 or 0.21% while silver futures were at $23.305, higher by $0.091 or 0.39%.
The dollar index was trading at 106.39 against a basket of top six currencies, up by $0.27 or 0.25%.
Gold fell today witnessing a four session rally, Anuj Gupta, Head Commodity & Currency, HDFC Securities said as he sees yellow metal likely trading in a range of $1,990 to $1,205 on Comex and between Rs 60,900 and Rs 61,500 on the MCX while silver may trade between Rs 70,600 and Rs 73,500 levels.
The MCX gold futures have gained by 6.17% or Rs 3,556 per 10 gram on the month-to-date basis while their gains in 2023 stand at 11.16% or Rs 6,139, according to Gupta.
As for Silver futures, the uptick in October is around 4.20% or Rs 2,933 while the year-to-date gains stand at Rs 4.87% or 3,377 per kg.Commenting on the daily bullion chart, Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking said that the structure remains positive and could see some further upside movement, going ahead. Momentum Indicator RSI also indicated the same, he added and advised traders to make fresh buying positions in Gold near the support zone of Rs 61,100-60,800 with the stop loss at these levels. Profit booking is recommended near the resistance zone of Rs 61,500-61,700, he said further.
December silver futures have support at Rs 72,200-71,200 and resistance at Rs 73,300-73,600.
Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 62,500 per 10 gram while those of 1 kg of Silver is Rs 74,700.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)