Gold Rate Today: Gold prices in India range bound amid flat dollar index. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
The MCX October gold futures were trading up by Rs 35 or 0.06% from the Monday closing price at Rs 58,965 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,160 per kg, higher by Rs 218 or 0.30%.
On Comex, Gold futures were trading at $1,946 per troy ounce on Tuesday, down by $1.20 or 0.06% while Silver futures were at $23.445, higher by $0.062 or 0.270%.
The October Gold futures had ended with gains of Rs 40 or 0.07% per 10 gram at Rs 58,938 on Monday while the December Silver futures closed lower at Rs 71,940, down by Rs 377 per kg or 0.53%.
Expert Anuj Gupta, Head Commodity & Currency, HDFC Securities said that the market was awaiting the US economic data and FOMC decision on interest rates, later this month while adding that profit booking in dollar index from higher levels was also the reason why gold is steady.
«For trading gold may trade between $1,910 to $1,930 levels and on the MCX it may trade between Rs 58,500 and Rs 59,300 levels with broadly mixed trend,» he added..
Prithviraj Kothari, MD & CEO of RiddiSiddhi Bullions Limited (RSBL) said that a higher-than-expected monthly reading may encourage hawkish Fed bets and further weigh down on gold.
In contrast, a lower-than-expected reading may have the opposite effect and aid in the recovery in Gold prices, he added.
On the daily technical chart, October Gold futures are currently trading in close proximity to their 100-day Exponential Moving Average (EMA), which is providing crucial support, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said adding that a potential breach of this level could signify a bearish sentiment in the market.
«Moreover, the momentum indicator as represented by the
