Gold rate today: Gold prices that track international rate movements trade with profits. Gold October futures traded with gains of 0.26 percent or Rs 198 at Rs 75,067 per 10 gm. Spot price in Ahmedabad last Monday session quoted at Rs 75,051 per 10 gm.
Meanwhile, December silver futures also traded with gains of 0.36 percent at Rs 91,050 per kg.
In the previous day’s trading, gold and silver remained flat in international markets. The US Fed Chairman’s tone in his first speech after the 50-point base rate cut was very dovish and his monetary policy guidance continues to reduce interest rates based on upcoming economic data. He said, we will review the monetary policy meeting together with an eye on the upcoming economic data but we are confident that the economy is in good shape as the job market is strong and inflation is approaching the Fed’s target level of 2.0 percent.
Further expectations of rate cuts and political tensions may support gold and silver prices. Manoj Jain- Director – Prithvi Finmart said, “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, political tensions and ahead of US jobs data but it is expected to hold its support level of $2,600. and $30.40 per troy ounce on a weekly basis.”
Gold has support at $2644-2632, while resistance is at $2674-2688 per troy ounce and silver has support at $31.15-30.84, while resistance is at $31.70-32.00 per troy ounce in today’s session.
On MCX, gold has support at Rs 75380-75140 and resistance at Rs 75850-76100 while silver has support at Rs 90150-89400 and resistance at Rs 91350-92100. We suggest waiting for corrective dips to initiate new positions in gold and silver, Jain added.
Meanwhile, Neha Qureshi, Senior Technical and Derivative Research Analyst, Anand Rathi Commodities and Currencies said, “Markets are now pricing in only 36 percent that the Fed will cut rates by 50 bps in November, from 53.3 percent the previous day. , according to CME Group’s Fed Watch Tool Overall we may continue to see moderate increases in daily trading amid rising Middle East tensions, awaiting the US ISM Manufacturing PMI survey and JOLTS Job Openings for new guidance.
Gold/silver trading strategy
Neha Qureshi on gold futures advised to buy at Rs 75,500 with a stop loss of Rs 75300 and a target price of Rs 76000. While for silver, a buy is offered at a price of Rs 90,500 with a stop loss of Rs 89500 and a target price of Rs 92000.