Gold Rate Today: Gold prices in India range bound amid flat dollar. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
Gold traded in the red on Tuesday though the movement has been range bound amid a flat dollar index. The MCX October gold futures were trading down by Rs 57 or 0.10% from the Monday closing price at Rs 59,336 per 10 gram on the MCX while the December Silver futures were trading at Rs 74,183 per kg, lower by Rs 338 or 0.45%.
Gold futures were trading at $1,961.30 per troy ounce on Tuesday, down by $5.80 or 0.29% while Silver futures closed at $24.210, lower by $0.0352 or 1.43%.
The DXY was trading flat at 104.24 against a basket of six top currencies, though the bias was slightly negativ
The October Gold futures had ended with minor losses of Rs 4 or 0.01% per 10 gram at Rs 59,391 on Tuesday while the December Silver futures closed lower at Rs 74522, down by Rs 567 per kg or 0.76%.
“Gold prices dropped because treasury yields went up after a US holiday. There’s also uncertainty about interest rates in Europe. Some think rates will stay high for a while, but Mario Centeno warned they could go too high. Rising yields and rates are bad for gold, which doesn’t pay interest. Traders are waiting for US data later this week, like info on the services sector and jobless claims. At 8:52 a.m. in Singapore, gold fell 0.3% to $1,937.56 an ounce,” Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.
“On the daily technical charts, the October Gold contracts are witnessing a pattern of rising peaks and higher troughs, which is a sign of optimism in the market,” Qureshi said, adding that the RSI indicator is forming an upward trendline, hinting that prices could climb further in the coming days.
Additionally, the MACD momentum indicator has crossed positively, indicating a bullish outlook, she said while estimating the resistance around the Rs 59,800 – Rs 62,000 levels while support at Rs 59,150 – Rs 58,900.
Analyst Amit Khare, who is Associate Vice President at Ganganagar Commodity Limited (GCL) Broking said that bullion‘s daily chart suggested some likely profit booking coming.
As the momentum indicator RSI is also indicating the same, traders are advised to book their long positions and can make fresh short positions in Gold and Silver near the resistance level with a stop loss at the resistance level.
He sees support in October gold futures at Rs 59,200 – Rs 59,000 and resistance at Rs 59,500 – Rs 59,700. As for December Silver futures, support is placed at Rs 74,000 – Rs 73,500 and resistance at Rs 75,000 – Rs 75,600.
Gold futures are up 0.03% or by Rs 19 on the month-to-date basis while they have gained 7.95% or by Rs 4,376 on the year-to-date basis. As for Silver futures, the gains are to the tune of 1.53% or Rs 1,161 in September while the gains this year stand at 7.36% or Rs 5,108.
The physical price of gold in top Indian cities like Delhi and Ahmedabad is around Rs 60,800 per 10 gram while Rs 76,500 for silver.
Intraday Trading Strategy by Neha Qureshi
– Sell MCX October Gold futures at Rs 59450 with a stop loss of Rs 59,800 and a price target of Rs 59,000.
– Sell MCX December Silver futures at Rs 74,700 with a stop loss of Rs 75,700 and a price target of Rs 72,700.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times