Gold price today: Rates rise amid positive global cues; what should be your strategy for bullion today?

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Gold price in focus as safe haven; should you increase your exposure to gold? Around 10:20 am, MCX Gold for October 5 delivery traded 0.11 per cent higher at ₹59,330 per 10 grams. Experts believe gold prices may trade with a positive bias today. Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities pointed out that the US ADP non-farm employment change and the second estimate of Q2 GDP are due later today.

Any signs of weakness in the labour market or economy might prompt further rise in gold prices as the Fed chair has recently reiterated the data-dependent approach of the central bank. Motilal Oswal Financial Services expects gold to trade with a positive bias for the session. "Support for gold is placed at ₹59,050-58,900 whereas resistance is at ₹59,500-59,680," said Motilal Oswal.

As per Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $1,922-1,910 and resistance at $1,948-1,960, while silver finds support at $24.52-24.38 and resistance at $24.82-25. "In the Indian rupee terms, gold's support is at ₹59,100 and ₹58,950, with resistance at ₹59,450 and ₹59,610. For silver, support is at ₹73,910-73,250, and resistance is at ₹75,440–76,040," said Kalantri.

Brokerage firm SMC Global Securities believes gold may trade in the range of ₹59,000-59,500, and silver may trade in the range of ₹76,000-76,900, with sideways to bullish bias. Manoj Kumar Jain Prithvifinmart Commodity Research expects gold and silver to continue to hold their support levels and could show further strength in the upcoming sessions. Jain said any dips in gold and silver prices could be a good buying opportunity at lower levels.