Gold rate today: Yellow metal hits lifetime high on MCX, rises Rs 7,300 in 2023 so far
MCX Gold futures hit their lifetime high on Wednesday as a weaker dollar aided the cause of the yellow metal in the international markets. February future contract scaled an all-time high of Rs 62,934 on the intraday basis. The dollar index is currently trading at three month lows and has slipped below 103 mark.
On Comex, Gold futures were trading at $2,044.90 per troy ounce on Wednesday, up by $4.90 or 0.24% while Silver futures were trading at $24.995, higher by 0.06 or 0.24%.
The February contract was trading at Rs 62,840 at 11:40 am, up by Rs 118, or 0.19% over the Tuesday closing price.
The dollar index was trading at 102.63 against a basket of top six currencies, down by $0.12 or 0.11% though the bias was negative.
Meanwhile, the March Silver futures were trading at Rs 77,133 per kg, higher by Rs 140 or 0.18%.
The dollar index was trading at 102.63 against a basket of top six currencies, down by $0.12 or 0.11% though the bias was negative.
Gold futures on the MCX have gained by 2.37% or Rs 1,445 per 10 gram on the month-to-date basis, Analyst Anuj Gupta, Head Commodity & Currency, HDFC Securities informed. They were up by 13.39% or Rs 7,368 on the year-to-date basis as on Tuesday, November 28 on the closing price basis. Meanwhile, Silver futures have gained nearly Rs 3,630 or 5.06% in value terms in November while gaining by 8.48% or Rs 5886 on the YTD basis, the commodity and currency analyst said.”Gold prices rose to $2,048.29 per ounce, reaching the highest level, driven by Federal Reserve officials’ comments hinting at future interest rate cuts. The dollar weakened, and Treasuries extended their November rally. Governor Christopher Waller’s remarks on inflation contributed to the surge, with bullion gaining over 12% since October,” Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily chart, Gold December contract has formed Bullish Engulfing candlestick pattern indicating bullishness in the market and it is trading above its 50-day and 100-day Exponential Moving Average (EMA), Qureshi said, adding that the Relative Strength Index (RSI) is forming a positive divergence, indicating a bullish sentiment.
Breakout above 61,700 we will see some bullishness below that we may see sideways movement, she said.
The Anand Rathi analyst sees resistance at Rs 63450 while support levels at Rs 62,400-61,900.
Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 63,500 per 10 gram while those of 1 kg of Silver is Rs 76,000.
Intraday Trading Strategy by Neha Qureshi
– Buy MCX FEBRUARY Gold futures at Rs 62,800 with a stop loss of Rs 62,400 and a price target of Rs 63,300.
– Buy MCX MARCH Silver futures at Rs 77,000 with a stop loss of Rs 76,000 and a price target of Rs 77,000.
Intraday Trading Strategy by Anuj Gupta
– Buy MCX February Gold futures at Rs 62,625 with a stop loss of Rs 62,505 and price target of Rs 62,800.
– Buy MCX March Silver futures at Rs 76,550 with a stop loss of Rs 76,080 and price target of Rs 77,400.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)