Gold Rate Today: Gold prices in India flat amid steady greenback. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities

Gold prices were trading flat on Thursday in the early trade amid a steady dollar index. The yellow metal has been moving with strength riding on slippages in the DXY which has gone below the 104 mark.

The MCX October gold futures were trading up by Rs 12 or 0.02% from the Wednesday closing price at Rs 59,490 per 10 gram on the MCX while the December Silver futures were trading at Rs 76,100 per kg, lower by Rs 180 or 0.24%.

On the Comex, Gold futures were trading at $1,972.70 per troy ounce on Thursday, down by $0.30 or 0.02% while Silver futures were trading at $24.985, lower by $0.119 or 0.470%.

The DXY was trading flat at 103.03 against a basket of six top currencies, though the bias was negative.

The October Gold futures had ended with gains of Rs 200 or 0.34% per 10 gram at Rs 59,466 while the December Silver futures closed higher at Rs 76,222, down by Rs 218 per kg or 0.29%.

“Gold’s value has stayed high for three weeks because the latest US economic data indicates slower growth. This led traders to reduce their expectations of the Federal Reserve raising interest rates next month. US Treasury yields also decreased after the country’s second-quarter GDP was lowered, which might ease pressure on the Fed to raise rates,” Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily chart, the October Gold contract is forming a distinct ‘W’ pattern, finding strong support at Rs 58,275 and is trading above its 50-day and 100-day moving averages, which signals support, Qureshi said. Meanwhile, the RSI indicates a potential price increase and the MACD displays a bullish signal, she said while putting support at Rs 59,000 – Rs 58,800 and resistance at Rs 59,700 – Rs 60,000.As for comex gold futures, support is seen at $1,908/$1,900/$1,885 while resistance is at $1,932/$1,950, Praveen Singh – Associate Vice President, Fundamental Currencies and Commodities at Sharekhan said.

Gold futures are down 0.15% or by Rs 90 on the month-to-date basis while up 8.11% or by Rs 4,461 on the year-to-date basis. As for Silver futures, the gains are to the tune of 1.13% or Rs 853 in August while the gains this year stand at 9.89% or Rs 6,867.

The physical price of gold in top Indian cities like Delhi and Ahmedabad is around Rs 61,000 per 10 gram while Rs 78,500 for silver.

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Intraday Trading Strategy by Neha Qureshi

– Buy MCX October Gold futures at Rs 59400 with a stop loss of Rs 59000 and a price target of Rs 59,800.

– Buy MCX December Silver futures at Rs 76000 with a stop loss of Rs 75000 and a price target of Rs 78,000.

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

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