Gold Price Today: Gold prices surge by Rs 450/10 gm in 2 days; silver gains Rs 1,800/kg

Gold October futures contracts at MCX opened flat today at Rs 73,502 per 10 gram, which is up by 0.09% or Rs 64 while silver December futures contracts were also trading flat at Rs 90,055/kg, up by 0.1% or Rs 87.

Gold prices have surged by Rs 450 per gram in the last 2 days while silver prices gained nearly Rs 1,800/kg.

Gold prices steadied near record highs, trading at around $2,587 an ounce in the international market, following healthy U.S. jobs data and the Federal Reserve’s recent 50-basis-point interest rate cut.

This aggressive start to monetary easing briefly pushed gold above $2,600, but the gains were tempered after Fed Chair Jerome Powell cautioned against expecting further rapid cuts.

Gold’s recent strength is driven by expectations of Fed easing, strong demand from central banks and retail investors, and geopolitical tensions in the Middle East and Ukraine.

The dollar index also cooled-off after disappointing U.S. existing home sales data and also supported gold and silver prices. Tensions persist in the middle-east after simultaneous blast in the thousands of pagers used by Hezbollah members followed by blast in the walkie-talkies in LebanonToday, the US Dollar Index, DXY, was hovering near the 100.57 mark, falling 0.05 or 0.05%.

“The daily chart of MCX Gold October futures showcases a strong uptrend, with prices trading above a rising trendline and forming a series of higher highs and higher lows, indicating sustained bullish momentum. The price action is also above the 21-day Exponential Moving Average (EMA), reinforcing the ongoing upward trend. The RSI is showing positive divergence, further confirming the bullish bias. Key resistance levels are identified at 73,700 and 73,950, while crucial support zones lie at 73,050 and 72,800,” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.

Intraday Trading Strategy by Neha Qureshi

• Buy MCX October gold futures at Rs 73,400 with a stop loss of Rs 73,000 and a price target of Rs 73,950
• Buy MCX December silver futures at Rs 90,000 with a stop loss of Rs 89,000 and a price target of Rs 92,000

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)