Gold Rate Today: Gold rises as the dollar slips. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
On the Comex, Gold futures were trading at $1,943.30 per troy ounce on Monday, up $1.80 or 3.40% while Silver futures were trading at $24.265, up $0.031 or 0.130%. Click to know more
The DXY was trading down 0.09% at 104.07 against a basket of six top currencies, though the bias was slightly negative.
The October Gold futures had ended with declines of Rs 117 per 10 grams while the September Silver futures closed marginally higher at Rs 73,627, up Rs 59 per kg.
«Gold remained stable after a weekly increase, as top central bankers emphasised maintaining high-interest rates until inflation is controlled at the Jackson Hole event.
Jerome Powell's remarks at the Jackson Hole symposium about possibly raising borrowing costs led to a US bond sell-off, increasing the yield on two-year Treasuries. The dollar saw its sixth consecutive weekly gain, China took steps to boost its economy, and spot gold slightly rose to $1,916.59 an ounce.
Other precious metals like silver, platinum, and palladium also experienced gains,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily technical charts, the October Gold futures have fallen below their upward trend line support at Rs 58,945, indicating a pessimistic outlook, she informed, adding that there has been a recovery in gold prices from the critical support level of Rs 58,275.
The yellow metal futures are trading below their 100-day Exponential Moving Average (EMA) at Rs 58,815, which acts as a level of resistance while the Moving Average Convergence Divergence (MACD) indicator has shown a negative crossover, highlighting the prevailing bearish sentiment, the analyst said. She sees support levels at Rs 58,275 — Rs 57,700 while
