Gold Rate Today: Gold prices in India in red amid gains in greenback. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
On the Comex, Gold futures were trading at $1,972.70 per troy ounce on Friday, down by $0.30 or 0.02% while Silver futures were trading at $24.985, lower by $0.119 or 0.470%.
The DXY was trading flat at 103.63 against a basket of six top currencies, though the bias was positive.
The October Gold futures had ended with declines of Rs 105 or 0.18% per 10 gram at Rs 59,373 while the December Silver futures closed higher at Rs 75,685, down by Rs 595 per kg or 0.78%.
«Gold is likely to go up for a second week in a row because US inflation matched expectations, which makes the Federal Reserve less likely to raise interest rates. This led to a drop in Treasury yields, which is good for gold.
The measure of underlying inflation the Fed prefers had small increases, making traders less certain about another rate hike this year. Traders are waiting for the US jobs report later on Friday, expecting fewer job additions in August,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily charts, the October Gold contract is showing a pattern of higher highs and higher lows, which indicates a bullish sentiment, Qureshi said while highlighting that the RSI indicator was forming an upward trendline, which suggests that prices might move higher in the coming days.
Moreover, the momentum indicator MACD has shown a positive crossover, signaling bullishness in Gold prices, she said while putting the resistance at Rs 59,600 — Rs 60,000 while support at Rs 59,150 — Rs 58,900 levels.
Gold futures are down 0.33% or by Rs 194 on the month-to-date basis while up 7.92% or by Rs 4,357 on the year-to-date basis.
