Gold Rate Today: Yellow metal slips as dollar index trades positive. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
The October gold futures were trading with declines at Rs 59,393 per 10 grams on the MCX in the opening trade, down Rs 78 or 0.13%. Meanwhile, September Silver futures were trading at Rs 72,616, down Rs 344 or 0.47%. MCX gold ended with minor gains on Wednesday, while silver futures fell sharply by 1.37% or Rs 1,010.Click to know more On the Comex, Gold futures were trading at $1,972.10 per troy ounce on Thursday, down $2.90 or 0.15% while Silver futures trading at $23.820, up $0.052 or 0.220%.
«Spot gold closed with a loss of 0.41% at $1,936 on Wednesday. The ten-year US yields rocketed higher to a fresh cycle high of 4.129% before settling at 1.26% up at 4.086%, though two-year yields fell by 0.42% to 4.885%. The US Dollar Index closed 0.58% higher at 102.60,» Praveen Singh – Associate Vice President, Fundamental Currencies and Commodities at Sharekhan said.
A strong US non-manufacturing ISM report may further pressurise the yellow metal as the outlook is weak, he said while putting immediate support at $1,935 — $1,918 and the next major support at $1,890 and the resistance at $1,950 — $1,965. Talking about the technicals, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies sees gold futures on a daily time frame in an ascending trend line witnessing a recent rebound from support. She recommends a close watch near the trend line for a downward breach.
«RSI double top indicates possible reversal. MACD negative crossover suggests downside, she said putting a support at Rs 58,800 — 58,300 while resistance at Rs 60,000 — Rs 60,400. She warns of a potential bearish market ahead.
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