Gold Price Today – Yellow metal cheaper by Rs 35 at 4pm; buy MCX Gold, Silver at these levels for gains
Brokerage firm Motilal Oswal expects MCX Gold to trade in a higher range. It puts a support zone between Rs 46,690 and Rs 46,450 whereas the support between Rs 47,000 and Rs 47,135. Dip buying near support is advised
MCX December Gold futures were trading with a slightly negative bias on Thursday, while the December Silver futures were trading positively around 4 pm. While, the former was down 0.07 per cent or Rs 35 per 10 gm, the latter was down 0.60 per cent or Rs 369 from the Wednesday closing price.
Gold Futures were trading at Rs 46,872 per 10 gm around this time while the Silver futures were trading at Rs 61,372 per kg.
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Brokerage firm Motilal Oswal expects MCX Gold to trade in a higher range. It puts a support zone between Rs 46,690 and Rs 46,450 whereas the support between Rs 47,000 and Rs 47,135. Dip buying near support is advised.
Meanwhile, Silver futures are also expected to trade in a higher range, this report said. It puts support in a range between Rs 60,700 and Rs 60,350, while the resistance is in the range between Rs 61,250 and Rs 61,450.
Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, said that the trend in yellow metal is positive in the near term. He recommends a buy at Rs 46,700 with a stop loss at Rs 46,450 and target price at Rs 47,300.
As for Silver futures, buying is recommended at Rs 60,800 with a stop loss at Rs 60,250 and target price at Rs 62,300.
Spot Gold has support at USD 1740 - USD 1725 whereas the resistance at Rs USD 1775 - USD 1790, the Motilal Oswal report said.
Spot Silver has support at USD 22.25 - USD 22 whereas the resistance at Rs USD 22.80 - USD 23.05, the report further said.
The Bullion Index (BULLDEX) is likely to trade in range for the session. The support is at Rs 13,885- Rs 13,845 whereas the resistance is at Rs 13,955- Rs 13,995.
Positive US economic data, tapering concerns are weighing on the metals whereas dialogue between US-China regarding their trade deal and the debt limit concern is supporting the metal at lower levels, this Motilal Oswal report said.
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