Gold price today: Gold rates declined in the domestic futures market Tuesday morning on weak spot demand and subdued global cues. Investors restricted their bets ahead of this week's two major events- the US election on November 5 and the US Fed policy decision on November 7. MCX Gold for December 5 expiry traded 0.11 per cent lower at ₹78,336 per 10 grams around 9:45 am.
In international markets, gold prices declined, indicating prevailing caution among investors ahead of the election outcome and Fed policy decision.
The US election-related uncertainty is keeping investors nervous. Opinion polls indicate a close fight between Democratic candidate Kamala Harris and Republican candidate Donald Trump. A close contest between the two presidential candidates has raised uncertainty as the final outcome could remain unconfirmed for several days after voting.
Meanwhile, the US Fed is expected to cut rates by 25 bps on Thursday, which could not be a significant trigger for the yellow metal, as it is likely priced in.
With the US election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between ₹78,000 and ₹79,000 on MCX. Once the election outcome is announced, gold could see a decisive move of around ₹1,000- ₹1,500 in the coming days. Key support levels lie between ₹78,000- ₹77,800, while resistance is positioned at ₹79,000- ₹79,175.
Gold has support at $2,734-2,722, while resistance at $2,762-2,778 per troy ounce and silver has support at $32.40-32.00, while resistance is at $32.84-33.20 per troy ounce in today’s session. On the MCX, gold has support at ₹78,200-77,950 and resistance at ₹78,660-78,850 while silver has support at ₹93,600-92,850 and resistance at ₹94,950-95,600.
"We suggest staying away from bullion markets in today's session ahead of the US presidential elections," said Jain.
Gold has support at $2,705-$2,685, with resistance at $2,742-$2,760. Silver has support at $32.00-$31.80, with resistance at $32.55-$32.72. In INR terms, gold has support at ₹78,040- ₹77,750, with resistance at ₹78,650- ₹78,840. Silver has support at ₹93,780- ₹93,150, with resistance at ₹95,000- ₹95,780.
Gold may trade between the range of ₹77,600 -78,600 with negative bias. Support for the yellow metal is placed in the range of ₹78,000-77,700, and resistance is at ₹78,450-78,650.
Gold may trade in the range of ₹78,100-78,600, and silver may trade in the range of ₹93,800-94,700, with sideways to a bearish bias.
Read all market-related news here
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.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.