Gold price today: Gold rates were lacklustre in the domestic futures market Wednesday morning as investors restricted their bets, awaiting the outcome of the US presidential race. MCX Gold for December 5 expiry traded 0.02 per cent down at ₹78,488 per 10 grams around 10:10 am.
In the previous session, gold and silver gained after two consecutive sessions of losses due to the decline of the dollar index and Fed rate cut hopes. The dollar index slipped from three-month highs ahead of the US Presidential election results.
Investors are digesting the early trends of the US election. According to a Reuters report, Republican candidate Donald Trump has won 14 states in Tuesday's US presidential election. In comparison, Democrat Kamala Harris captured four states and Washington, D.C., Edison Research projected.
Apart from the US election, Fed policy outcome and Chair Jerome Powell's comment on growth and inflation are the key triggers for the yellow metal. The Fed policy outcome is due on November 7.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,734-2,722, while resistance at $2,762-2,778 per troy ounce and silver has support at $32.45-32.10, while resistance is at $33.00-33.40 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹78,280-78,040 and resistance at ₹78,720-78,950, while silver has support at ₹94,000-93,400 and resistance at 95,350-96,100.
"We suggest buying gold on dips around ₹78,200 with a stop loss of ₹77,950 for a target of ₹78,650," said Jain.
According to Rahul Kalantri, VP of commodities at Mehta Equities, technical levels for gold indicate support at $2,724–2,698 and resistance at $2,762–2,784. For silver, support is seen at $32.25–32.05, with resistance at $32.70–32.90.
“In INR terms, gold has support at ₹78,140–77,850 and resistance at ₹78,740–78,980, while silver shows support at ₹93,780–93,150 and resistance at ₹95,300–95,980,” said Kalantri.
Brokerage firm Motilal Oswal Financial Services believes gold may trade between the range of ₹77,600 -78,600, with support at ₹78,000-77,700 whereas resistance is at ₹78,450-78,650.
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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.
