Gold price today: Gold rate trades lower; what should be your strategy for MCX Gold today?

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Mint Primer | India and the Red Sea sharks: crisis without an end? Meanwhile, MCX Gold traded 0.14 per cent lower at ₹64,756 per 10 grams around 11 am. Experts expect gold prices to remain volatile for the session. They advise one should keep the key support and resistance level in mind while trading in the yellow metal today.

Rahul Kalantri, VP of commodities at Mehta Equities expects gold and silver prices to remain volatile in today's session. "Gold is supported at the $2,098-$2,082 range, with resistance between $2,124 and $2,140. Silver finds support within the $23.40-$23.20 range, with resistance between $23.82 and $23.98.

When priced in INR, gold is supported at ₹64,580-64,350, with resistance at ₹64,980-65,240. Silver sees support at ₹72,840-72,280, with resistance at ₹73,850-74,380," said Kalantri. Manoj Kumar Jain of Prithvifinmart Commodity Research also expects gold and silver prices to remain volatile in today’s session but they could hold their key support level of $2,084 and $23 per troy ounce respectively on a weekly closing basis.

"Gold has support at $2,124-2,108, while resistance at $2,155-2,180 per troy ounce and silver has support at $23.64-23.40, while resistance is at $24.20-24.60 per troy ounce in today’s session," said Jain. "On the MCX, gold has support at ₹64,600-64,330 and resistance at ₹65,150-65,400 while silver has support at ₹73,000-72,550 and resistance at ₹73,850-74,400. We suggest buying silver around ₹73,000 with a stop loss of ₹72,550 on a closing basis for the target of ₹74,1000, we also suggest booking profits in long positions of gold and waiting for some corrective dips for fresh buying," Jain said.