Gold Rate Today: Yellow metal gains climb to Rs 3,700 in October. Should you buy, hold or book profit?
Federal Reserve’s monetary policy meeting outcomes scheduled on Wednesday, November 1. The shine in yellow metal continues despite a resilient dollar index (DXY) as the Israel-Hamas conflict brightens its haven appeal.
MCX December gold futures were trading flat at Rs 61,350 per 10 gram, up by Rs 194 or 0.32% from the Friday closing price.
They are at five month high levels. Meanwhile, the December Silver futures were trading at Rs 72,332 per kg, higher by Rs 615 or 0.86%.
On Comex, Gold futures were trading at $2,011.10 per troy ounce on Monday, up by $12.60 or 0.63% while Silver futures were at $23.275, higher by $0.388 or 1.70%.
The dollar index was trading flat at 106.59 against a basket of top six currencies, though the bias was positive.
Gold prices have been on a roll over the past three weeks as investors flocked towards the yellow metal owing to its safe-haven appeal in the aftermath of due to geo-political tension that has erupted due to Israel-Hamas conflict, Deveya Gaglani, Research Analyst-Commodities at Axis Securities said. The prices have surged nearly 8% from its lows despite a resilient dollar index, the expert said.
He sees MCX gold futures to rally up to Rs 62,000 in the near term, if it sustains a level of Rs 61,000.
The MCX gold futures have gained by 6.48% or Rs 3,731 per 10 gram on the month-to-date basis while their gains in 2023 stand at 11.48% or Rs 6,314, according to Anuj Gupta, Head Commodity & Currency, HDFC Securities.
As for silver futures, the uptick in October is around 3.58% or Rs 2,500 while the year-to-date gains stand at Rs 4.25% or 2,947 per kg.
On gold's resurgence, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said that Gold
