Gold Rate Today: Yellow metal opens flat. What should traders do?
Federal Reserve’s commentary on interest rates and economy when it meets next week.
MCX December gold futures were trading flat at Rs 60,955 per 10 gram, up by Rs 3.
They are at five month high levels. Meanwhile, the December silver futures were trading at Rs 71,732 per kg, higher by Rs 152 or 0.21%.
On Comex, gold futures were trading at $1,998.20 per troy ounce on Friday, up by $0.80 or 0.04% while silver futures were at $23, higher by $0.092 or 0.40%.
The dollar index was trading at 106.56 against a basket of top six currencies and was down by $0.04 or 0.04% from the last closing.
On Thursday, the December gold futures closed with minor gains at Rs 60,968, up by Rs 16 or 0.03% while the December Silver futures closed at Rs 71,600, higher by Rs 20 or 0.03%.
“The US Central Bank is expected to maintain a status quo. Gold may trade between $1980 and $1995 on Comex and between Rs 60,500 and Rs 61,200 on MCX.
Silver may trade between Rs 71,200 and Rs 72,300,” analyst Anuj Gupta, Head Commodity & Currency, HDFC Securities said.
Analyst Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking said that gold has some more upside left according to trends in the daily charts and momentum indicator RSI indicates the same.
