Gold Rate Today: Yellow metal’s gains climb to Rs 3,200 per 10 gram. Should you buy or book profits?
yellow metal prices, MCX gold and silver futures traded with strength.
MCX December gold futures were trading at Rs 60,977 per 10 gram, up by Rs 151, or 0.25%. They are at five month high levels.
Meanwhile, the December Silver futures were trading at Rs 71,955 per kg, higher by Rs 168 or 0.23%.
On Comex, Gold futures were trading at $1,998.50 per troy ounce on Thursday, up by $3.65 or 0.18% while Silver futures were at $23.105, higher by $0.098 or 0.430%.
The dollar index was trading at 106.75 against a basket of top six currencies and was up by $0.22 or 0.21% from the last closing.
“Gold ended with gains on Wednesday at Rs 60,801 as the conflict escalation between Israel and Hamas is supporting the safe haven demand for the precious metals,” Analyst Anuj Gupta, Head Commodity & Currency, HDFC Securities said.
Gold may trade between $1,980 to $1,995 on the Comex while the MCX trading range lies between Rs 60,500 and Rs 61,200, Gupta said. As for silver futures, the range is Rs 71,200-72,300, he further said while recommending a buy on dips strategy.
On the daily chart, gold December futures are establishing a pattern of higher highs and higher lows and have successfully broken above their 100-day and 200-day Exponential Moving Average (EMA), Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said, adding that the RSI is also forming a pattern of higher highs and higher lows, indicating a bullish sentiment.
Moreover, the Moving Average Convergence Divergence (MACD) has produced a positive crossover, signaling bullishness in the market, she added.
She sees resistance at Rs 61,200-61,500 while support at Rs 60,000-59,600.
The MCX gold futures have gained by 5.56% or Rs 3,201
