Gold price today: Rates slip; what should be your strategy for bullion today?

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economic activity. Expectations of interest rates remaining at higher levels for a longer-than-expected time have weighed on gold prices. MCX Gold for October 5 delivery traded 0.06 per cent lower at ₹59210 per 10 grams around 10:10 am.

While analysts remain positive for the gold for the long term, they expect the yellow metal to remain volatile in the near term. Rahul Kalantri, VP - Commodities at Mehta Equities expects gold and silver to remain volatile this week amid volatility in the dollar index. "Gold has support at $1,914-1,904 while resistance is at $1,938-1,948.

Silver has support at $23.35-23.20, while resistance is at $23.72-23.88 In the Indian rupee terms, gold has support at ₹59,020, 58,840 while resistance is at ₹59,450, 59,610. Silver has support at ₹72,710-72,250, while resistance is at ₹73,940–74,450," said Kalantri. Manoj Kumar Jain Prithvifinmart Commodity Research expects gold and silver to remain volatile this week amid volatility in the dollar index.

Jain believes gold could test its support level of $1,934 per troy ounce once again. "Gold has support at $1,945-1,934, while resistance at $1,966-1,978 per troy ounce. Silver has support at $23.66-23.40, while resistance is at $24.15-24.40 per troy ounce," said Jain.

"On the MCX, gold has support at ₹59,100-58,950 and resistance is at ₹59,380-59,550. Silver has support at ₹73,000-72,650 and resistance at ₹73,850-74,200," Jain said. He suggests selling gold at around ₹59,400 with a stop loss of ₹59,565 for the target of ₹59,100.

Brokerage firm SMC Global Securities believes gold may trade in the range of ₹59,000-59,500. Silver can trade in the range of ₹71,700-72,700, with sideways to a bearish bias. Brokerage firm ICICI Direct believes spot gold may