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Gold Price Today: Yellow metal opens at Rs 76,400/10 gm, silver opens at Rs 91,620/kg

Gold December futures contracts at MCX opened flat on Wednesday at Rs 76,393 per 10 gram, which is up by 0.04% or Rs 33 while silver December futures contracts were trading at Rs 91,620/kg, down by Rs 3 merely.

On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold December futures contract settled at Rs76,360 per 10 grams with a gain of 0.41% and silver December futures contract settled at Rs91,623 per kilogram with a gain of 0.98%.

The rise is supported by a cautious market mood and a slight dip in US Dollar demand. Meanwhile, Federal Reserve officials offered no clear signals on future monetary policy, keeping expectations of a 25 bps rate cut unchanged.

Gold and silver showed very high volatility and recovered from their lows amid drop in the U.S. 10-year bond yields and increasing global instability due to higher public debts.

Today, the US Dollar Index, DXY, was hovering near the 103.19 mark, gaining 0.07 or 0.07%.

Public debts are increasing due to weak global economic growth, tight financial conditions, fiscal slippages and unstable economic policies and supporting safe-haven buying of precious metals. Geo-political tensions are already supporting prices of precious metals. “The Gold on daily chart shows strong bullish momentum, with buyers defending support at the 20 SMA around $2,638. The 100 and 200 SMAs are trending upward, reinforcing the bullish outlook. The Momentum indicator is near its 100 line, and the RSI is slightly higher at 62, supporting further gains. While upward momentum is limited in the near term, the risk remains on the upside, and chances of new record highs are possible if the $2,638 level holds,” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.

Intraday Trading Strategy by Neha Qureshi:

  • Buy MCX December gold futures at Rs 76,300 with a stop loss of Rs 76,100 and a price target of Rs 76,600.
  • Buy MCX December silver futures at Rs 91,500 with a stop loss of Rs 90,500 and a price target of Rs 93,000.

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