Gold Rate Today: Gold prices in India gain amid decline in dollar. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
On Comex, Gold futures were trading at $1,946.60 per troy ounce on Monday, up by $3.90 or 0.20% while Silver futures were at $23.300, higher by $0.126 or 0.540%.
The October Gold futures had ended with losses of Rs 91 or 0.15% per 10 gram at Rs 58,907 on Friday while the December Silver futures closed lower at Rs 71,538, down by Rs 232 per kg or 0.32%.
«The gold price will continue to trade in a broader range of $1,905 to $1,935. From a technical perspective, Comex gold has strong support at $1,915.
Until the price holds above this level, a recovery in gold's price is likely to see it move towards the $1929 level. A fall below $1915 will open the door towards the $1,905 level.
The MCX Gold October future is expected to trade in a range of Rs 58,700 to 59,300. In the local market gold price trend can diverge from the international market due to rupee volatility,» Anuj Gupta, Head Commodity & Currency at HDFC Securities said.
«Dollar is weaker today on Bank of Japan's Governor Ueda's comment in the weekend that the focus will be now on a 'quiet exit’, which may support the metal to some extent.
It is to be noted that a hawkish Bank of Japan will eventually be bearish for bonds, thus for bullions,» Praveen Singh – Associate Vice President, Fundamental Currencies and Commodities at Sharekhan said referring to reduction in monetary easing by the Japanese Central Bank.
He sees gold futures on the Comex to trade range-bound ahead of the US CPI inflation data to be released on September 13. The support is placed at $1,915-1,900 while the resistance is at $1,932-1,955.
Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking said that the daily charts of bullion suggest that the yellow metal was trading
