Gold Price Today: Yellow metal extends gains to fourth session. Is the tide turning now?
Gold Price Today: The bias in gold was positive in the opening trade today with MCX April gold futures trading at Rs 62,210 per 10 grams, up by Rs 43 or 0.07% while the March Silver contracts were trading at Rs 71,421 per kg, higher by Rs 166 or 0.23%. Track prices here
Gold traded in a tight range on Wednesday ahead of the release of the ’s FOMC minutes later today. Yellow metal’s recent uptick, where it has risen for four successive sessions, has been on a softer dollar index (DXY) which has fallen 0.70% over the past five sessions.The bias in gold was positive in the opening trade today with MCX April gold futures trading at Rs 62,210 per 10 grams, up by Rs 43 or 0.07% while the March Silver contracts were trading at Rs 71,421 per kg, higher by Rs 166 or 0.23%.
The cues from international markets were mixed around this time. On the Comex, gold futures were trading at $2,038.90 per troy ounce, down by $0.90 or 0.04%, while Silver futures were hovering at $23.140 per troy ounce, higher by $0.004 or 0.020%.
The dollar index (DXY) has fallen below the 104 mark and is currently hovering at 103.99, down by 0.09 points or 0.08%.
On Tuesday, the MCX Gold April contract closed at Rs 62,135, down by Rs 32 or 0.05% while the March Silver futures settled at Rs 71,244, down by Rs 11 or 0.02%.
"Gold and silver saw gains in a subdued trading session leading up to the release of the FOMC monetary policy meeting minutes, coupled with China's announcement of 5-year prime loan rate cuts aimed at bolstering the economy. Profit-taking in the dollar index and US 10-year bond yields ahead of the FOMC meeting minutes further supported the upward trajectory of gold and silver prices," Rahul Kalantri, Vice President, Commodities at Mehta Equities said.
Gold finds support at $2,008-1,996 with resistance at $2,036-2,048 while silver's support lies within the range of $22.88-$21.71, with resistance seen at $23.22-23.40, Kalantri said.
Gold's year-to-date (YTD) losses are at Rs 1,036 per 10 grams or 1.64% while month-to-date (MTD) declines stand at Rs 568 or 0.91%, Anuj Gupta, Head Commodity & Currency, HDFC Securities informed. As for Silver, the YTD declines stand at Rs 3175 per kg or 4.27% while MTD declines at Rs 992 or 1.37, he added.
Gupta expects gold to trade between Rs 61,800 and Rs 62,400 while Silver contracts to trade between Rs 71,500 and Rs 73,000 levels.
Price of gold in major physical markets like Delhi, Ahmedabad and other cities is Rs 63,500 per 10 grams while that of 1 kg of Silver is Rs 73,000.
Intraday Trading Strategy by Neha Qureshi
– Buy MCX April Gold futures at Rs 62,200 with a stop loss of Rs 61,900 and a price target of Rs 62,700.
– Buy MCX March Silver futures at Rs 71,400 with a stop loss of Rs 70,400 and a price target of Rs 73,400.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
