Gold Price Today: Yellow metal gains nearly Rs 1,500/10gm in 1 week, silver gains Rs 1,700/kg

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Gold October futures contracts at MCX opened flat on Monday at Rs 70,150/10 gram, which is up by 0.52% or Rs 361 while silver September futures contracts were trading at Rs 83,100/kg, up by 0.74% or Rs 607.

In the last one week, the prices of gold have gained Rs 1,550/10 gm while silver has gained Rs 1,700 per kilogram.

On Friday, gold and silver settled on a slightly weaker note in the domestic market while in the international markets, the metals settled on a positive note. Gold October futures contract settled at Rs 9,789 per 10 grams with a loss of 0.24% and silver September futures contract settled at Rs 82,493 per kilogram with a loss of 0.12%.

Gold and silver showed very high price volatility last week and gained in the international markets. Gold prices hit life-time high in the international markets amid Fed rate cuts hopes and downbeat US job data while silver prices also followed gold and crossed $28.50 per troy ounce levels.

However, the dollar index and the US bond yields crashed after weaker than expected US job report and factory orders data and increased recession fears.Today, the US Dollar Index, DXY, was hovering near the 103.22 mark, falling 1.20 or 0.15%.“The volatility was due to concerns over a stock market selloff and tensions in the Middle East. Spot gold, which was close to a record high last week, fell by more than 1% before bouncing back to just below $2,435 an ounce. Fears of a deepening US economic slowdown and worries that the Federal Reserve might be slow to cut interest rates weighed on the markets. In the Middle East, tensions are high with fears of a potential conflict between Israel and Iran,” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.Qureshi states that on a daily time frame MCX Gold October futures is trading around 69,792 after a significant drop from recent highs. Immediate support is at 68,850, with resistance at 71,500. The price action shows a short-term rising wedge, indicating potential indecision. Recent candlesticks suggest a pause in bearish momentum, and the RSI at 41 hints at a possible rebound. If the price holds above 68,850, it could retest 71,500. A break below 68,850 may lead to further declines towards 66,500.

Intraday Trading Strategy by Neha Qureshi:

  • Buy MCX October gold futures at Rs 69,800 with a stop loss of Rs 69,300 and a price target of Rs 70,500.
  • Buy MCX September silver futures at Rs 82,600 with a stop loss of Rs 81,600 and a price target of Rs 84,600.

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

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