Gold Price Today: Yellow metal prices surge by Rs 2,600/10 gm in October so far, silver up by Rs 5,500/kg
Gold December futures contracts at MCX opened on Monday at Rs 78,230 per 10 gram, which is down by 0.38% or Rs 302 while silver December futures contracts were trading at Rs 96,247/kg, down by nearly 1% or Rs 887.
Gold prices witnessed a rally in the month of October so far as the prices surged by Rs 2,600/10 grams in the said time period while the silver prices shot up by Rs 5,500/kg in the same time period.
Gold prices (XAU/USD) are facing pressure on Friday, giving back some of the previous day’s gains as the US Dollar strengthens, supported by hopes that the Federal Reserve will ease its policy at a slower pace.
Additionally, positive sentiment in the stock markets reduces demand for gold as a safe-haven asset.
However, ongoing US political uncertainty before the November 5 presidential election, rising geopolitical tensions in the Middle East, and falling US Treasury yields continue to provide support for gold.
“This suggests caution, as it’s unclear if XAU/USD has peaked or will see a significant correction,” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.Today, the US Dollar Index, DXY, was hovering near the 104.52 mark, gaining 0.26 or 0.25%.“Technically, gold’s recent moves show a bearish head-and-shoulders pattern, with $2,705 as key support. A drop below $2,700 could lead to $2,675 and $2,660 levels. On the upside, breaking $2,645 would negate the bearish pattern, potentially driving prices to $2,770 and even $2,800,” Qureshi added.
Intraday Trading Strategy by Neha Qureshi:
- Sell MCX December gold futures at Rs 78,600 with a stop loss of Rs 78,800 and a price target of Rs 78,000.
- Sell MCX December silver futures at Rs 97,500 with a stop loss of Rs 98,500 and a price target of Rs 96,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)