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Gold, silver rate today: Gold prices mirroring international rates edged higher on the auspicious occasion of Dhanteras today when buying gold and other precious metals is considered to bring immense fortune. At around 10:11 am, December gold futures on the MCX traded higher by 0.31 per cent or Rs 244 at Rs 78,810 per 10 gm, while silver futures (December) traded with gains of 0.33 per cent or Rs 320 at Rs 97,744 per kg.
Since last Dhanteras which was celebrated on November 10, gold has run up by a sharp 30 per cent.
Meanwhile, COMEX Gold traded higher by 0.35 per cent at $2,765.5 per ounce. Gold price ticked higher today and moved closer to the top end of a short-term trading range held over the past week or so. Against the backdrop of safe-haven demand stemming from Middle East tensions and US election jitters, subdued US Dollar (USD) price action was a key factor offering support to the commodity, noted Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.
Gold price outlook
Investors seem reluctant and prefer to move to the sidelines ahead of this week’s important macro releases from the US- the Advance Q3 GDP print, the Personal Consumption Expenditures (PCE) Price Index, and the Nonfarm Payrolls (NFP) report.
Qureshi added that the crucial data will play a key role in influencing market expectations about the Fed’s rate-cut path, which, in turn, will drive the USD demand and provide a fresh directional impetus to gold prices.
Intraday Trading Strategy
For MCX December Gold futures, Qureshi has advised a sell strategy at a price of Rs 78,500 for a target of Rs 78,100 with the stop loss placed at Rs 78,700 per 10 gm. Similarly, for silver December futures, Qureshi has advised a ‘sell’ at a price of Rs 97,500 for a target of Rs 95,500, keeping a stop loss of Rs 98,500.
