Gold Rate Today: Yellow metal slips below Rs 60,000, gets cheaper by Rs 1,000 in November. Should you buy or sell?
Thursday as investors preferred booking profit in the absence of triggers for bullion. The prices in gold and silver declined despite a weak dollar index (DXY).
MCX December gold futures were trading at Rs 59,901 per 10 gram, up by Rs 108 or 0.18% from the Thursday closing price.
Meanwhile, the December silver futures were trading at Rs 70,350 per kg, lower by Rs 700 or 0.99%.
On Comex, gold futures were trading at $1,954.60 per troy ounce on Thursday, down by $3.20 or 0.16% while silver futures were trading at $22.490, up by $0.238 or 1.050%.
The dollar index was trading flat at 105.53 against a basket of top six currencies, up by 0.06 points or 0.06%.
The December gold futures ended at Rs 60,000 on the MCX on Wednesday, down by Rs 347 or 0.58% while the December Silver futures settled at Rs 70,951, lower by Rs 317 or 0.45%.
Gold is witnessing profit booking at higher levels before diwali.
It is on account of hawkish statements by the FOMC members on bringing inflation to the 2% target,” Anuj Gupta, Head Commodity & Currency, HDFC Securities said.
He sees gold futures trading between $1,945 and $1,955 on the Comex while between Rs 59,800 and Rs 60,300 levels on the MCX. As for silver futures the trading range is between Rs 69,000 and Rs 72,000, this analyst said.
He sees gold trading between $1,960 and $1,975 on the Comex while between Rs 60,000 and Rs 60,500 levels on the MCX.
Gold futures on the MCX have declined by 1.53% or Rs 931 per 10 gram on the month-to-date basis, Gupta said.
They were up by 9.07% or Rs 4,992 on the year-to-date basis as on Wednesday, November 7 on the closing price basis. Meanwhile, Silver futures have lost nearly Rs 619 or 0.86% in value terms in November while gaining by 2.36% or Rs
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