Gold Rate Today: MCX Gold falls by over Rs 1,700, silver tanks Rs 5,133 in September. Should you buy or sell?
The MCX December gold futures were trading down by Rs 91 or 0.16% from the Wednesday closing price at Rs 58,192 per 10 gram on the MCX while the December Silver futures were trading at Rs 70,671 per kg, higher by Rs 122 or 0.17%.
Gold futures are down 2.87% or by Rs 1,702 on the month-to-date basis while they have gained 4.83% or by Rs 2,655 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities told ETMarkets.
As for silver futures, the declines are to the tune of 6.78% or Rs 5,133 in September while the gains this year stand at 1.64% or Rs 1,136, he said.
On Comex, gold futures were trading at $1,914.40 per troy ounce on Thursday, down by $5.40 or 0.28% while Silver futures were at $22.950, lower by $0.246 or 1.060%. The Comex prices are at a month's low.
The October Gold futures had ended with declines of Rs 752 or 1.29% per 10 gram at Rs 57,680 on Wednesday while the December Silver futures closed lower at Rs 70,625, down by Rs 1,152 per kg or 1.60% on a holiday curtailed trading session.
A rising dollar index, which is now at its 10 month peak, has engineered the fall in bullion prices.
It is currently hovering around 106.66.
Gupta sees gold trading at $1,860-$1,880 on the Comex while between Rs 57,200 and Rs 57,900 on MCX. It may test levels of $1,865-$1,860 given the strength in dollar index which has been on the up due to hawkish statements given by the Fed in the latest monetary policy.
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies sees MCX December Gold futures currently forming an M-pattern on the daily technical charts while giving a breakdown of its neckline at Rs 58,655 level indicating bearishness.
