Gold price (September 4): Gold, silver up marginally as focus shifts to US payrolls data

Gold prices on the MCX tracking global gold price movement traded on a positive note. Gold futures for October delivery were up Rs 71,480, Rs 99 or 0.14 per cent, while silver also was up marginally 0.06 per cent or Rs 48 at Rs 81,257 per kg.

Gold price  bounced off the multi-day lows but remains below the $2,500 barrier amid the renewed bid bias in the US Dollar. The ongoing geopolitical risks and imminent Federal Reserve (Fed) rate cuts underpinned the yellow metal only to some extent.

Outlook

Overall global macro cues could also be watched out in coming days which includes US Beige Book survey today as well as Crucial Non farm payrolls report to shed fresh direction on the trajectory of Interest rate cuts this year and may provide fresh direction to gold prices.

Trading strategy in gold/silver

Qureshi suggest to buy Gold October futures at dips of around Rs 71,400 for a target of Rs 71,900, keeping a stop loss of Rs 71,100. For September futures, a sell on rise is given for around Rs 83,300 levels keeping a target of Rs 81,300 and target of Rs 84,300.