Gold Rate Today: Yellow metal rises amid weak US dollar and bond yields
economictimes.indiatimes.com
The February gold futures were trading at Rs 63,164 per 10 grams on the MCX at 10.15 am and were up by Rs 210 or 0.33% from the previous day's closing price. Meanwhile, the March Silver futures were trading at Rs 75,640 per kg and were higher by Rs 254 or 0.34% around this time.
On Comex, the gold futures were trading at $2,075.3 per troy ounce up $6.2 or 0.30% while the Silver futures were trading at $24.66 per troy ounce, up by $0.095 or 0.39%.
«We have noticed that the dollar index is trading at 5-month low levels which gives support to the Bullion as a safe haven,» said Anuj Gupta, Head of Commodities & Currency at HDFC Securities.
The Dollar Index is trading at 5-month low levels after the Federal Reserve kept interest rates steady for and signalled deeper cuts for next year as inflation is expected to cool faster than initially anticipated.
«For the trading, gold may trade between $1960 to $1975 levels with a positive bias and on MCX it may trade between 62800 to 63500 levels. Silver may trade between 75000 to 77000 levels.
Overall Trend is positive. Buy on dips is recommending,» Gupta said.
Gold prices surged during the week on the prospect of a Federal Reserve interest rate cut in March, backed by a 4.9% GDP growth rate and increased jobless claims.
The market now predicts an 83% chance of a rate cut, strengthening gold's appeal as a non-yielding asset.
