Gold price today: Gold rate fell in the domestic futures market early Monday, tracking weak global cues and tepid demand from the spot market. Yellow metal prices declined in international markets after the US dollar rose to get closer to its two-month high levels.
MCX Gold traded 0.14 per cent lower at ₹76,201 per 10 grams around 9:20 am.
The dollar's rise is negative for gold prices. Since gold is traded in dollars in international markets, the rise in US currency makes the yellow metal expensive in other currencies, weighing on its demand.
Gold gained last week due to weaker-than-expected US economic data, hopes of Fed rate cuts, and geopolitical tensions. This week, the yellow metal is expected to remain volatile, with a focus on fresh cues about Fed rate cuts and the dollar's movement.
According to a Reuters report, traders see a roughly 89 per cent chance of the Fed cutting rates by 25 basis points at its November meeting and an 11 per cent chance it will leave rates unchanged.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,658-2,644, while resistance at $2,688-2,704 per troy ounce and silver has support at $31.40-31.15, while resistance is at $32-32.40 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹76,040-75,800 and resistance at ₹76,630-76,950, while silver has support at ₹91,000-90,220 and resistance at ₹92,400-93,300.
Jain suggests buying gold on dips around ₹76,040 with a stop loss of ₹75,770 for a target of ₹76,800 and also suggests buying silver above ₹91,200 with a stop loss of ₹90,350 for a target of ₹93,200.
Rahul Kalantri, VP of commodities at Mehta Equities, expects gold to find support between $2,624 and $2,605, with resistance ranging from $2,661 to $2,678. Silver's support lies between $30.72 and $30.50, while resistance is expected between $31.15 and $31.34.
In the Indian rupee terms, gold has support at ₹75,980-75,810, with resistance between ₹76,460-76,670. Silver has support at ₹91,050-91,450, with resistance between ₹92,290 and ₹92,680, said Kalantri.
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
