Gold Rate Today: Gold prices in India gain as dollar slips. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
The MCX October gold futures were trading up by Rs 127 or 0.22% from the Thursday closing price at Rs 59,125 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,038 per kg, higher by Rs 268 or 0.37%.
On Comex, Gold futures were trading at $1,950.70 per troy ounce on Friday, up by $8.20 or 0.42% while Silver futures were at $23.390, higher by $0.150 or 0.650%.
The October Gold futures had ended with losses of Rs 107 or 0.18% per 10 gram at Rs 58,981 on Thursday while the December Silver futures closed lower at Rs 71,800, down by Rs 672 per kg or 0.93%.
«Correction in gold prices this week was on account of strength in the US economy which makes it likely that interest rates will stay high,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies opines.
On Technical charts, October Gold futures witnessed the RSI indicator hitting a point where it might start going down, she said.
«Right now, gold prices are above two important lines called the 50-day and 100-day EMA, which are like support levels. If they're crossed, it could mean the market is turning bearish.
For potential prices, there's a tough point around 59,600 and 60,000, and if it goes down, it might find support at around 58,800 and 58,400,» Qureshi said.
Praveen Singh, Associate Vice President, Fundamental Currencies and Commodities at Sharekhan sees yellow metal remaining vulnerable as the yields continue to remain elevated. He puts support at $1,915/$1,900/$1,885 in Comex gold futures while resistance at $1,933 — Rs $1,955.
Meanwhile, Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking said that bullion was looking good on daily charts and was trading near the demand
