Gold Rate Today: Yellow metal rises Rs 7,500 per 10/grams on MCX this year. Is there more upside?
Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,748 per 10 grams in the opening trade, up Rs 245 or 0.39%. Meanwhile, the March Silver futures were trading at Rs 75,683 per kg, higher by Rs 257 or 34%.
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On Comex, gold futures were trading at $2,061.70 per troy ounce, up $10.40 or 0.51% while silver futures were trading at $24.745, higher by $0.160 or 0.650%.
The dollar index (DXY) was flat at 102.31 against a basket of six top currencies. It has extended its losses to 0.64% in the past five sessions.
On Thursday, the MCX February gold contract closed at Rs 62,525, up by Rs 22 or 0.04% while the March silver futures settled at Rs 75,450, up by Rs 24 or 0.03%.
“Gold's rangebound movement is on account of Christmas and the year now closing but the festive demand is supportive for bullion.
However, appreciation in Rupee against the dollar curbs the appreciation in bullion prices,” Anuj Gupta, Head Commodity & Currency, HDFC Securities said.
Comex gold may trade between $1,940 and $1,960 today while the MCX gold contract could trade between Rs 62,300 and Rs 63,000. As for Silver, this analyst sees the MCX March contract trading between Rs 75,000 and 77,000 levels.
With the overall trend remaining positive, he suggests a buy-on-dips strategy.
On the daily chart, the MCX Gold December contract is forming a higher high and higher low pattern, indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
Moreover, the Relative Strength Index (RSI) is forming a positive divergence, indicating a bullish outlook, she
