Gold rate today surges on ease in dollar index. Should you buy in this rally?
2 min read . Updated: 10 Mar 2023, 09:32 AM IST
Premium- Gold rate today is expected to trade in $1,810 to $1,860 per ounce range till US non-farm payroll data is announced, believe bullion market experts
Gold rate today: On account of ease in US dollar rate, gold price rebound from its two week lows on morning Friday deals. Gold future contract for April 2023 on Multi Commodity Exchange (MCX) opened higher at ₹55,325 per 10 gm and went on to hit intraday high of ₹55,360 levels within few minutes of commodity market opening in India. After this rally in domestic market, gold price today pared some of its recent losses and is now around ₹3,500 per 10 gm away from its life-time high of ₹58,847 per 10 gm levels.
However,, silver rate today opened lower and hit intraday low of ₹61,560 per kg on MCX. Silver price in international spot market was down 0.64 per cent at $19.938 per ounce levels.
According to commodity market experts, gold rate today has strong support placed at $1,810 levels and on the higher side, it is facing hurdle at $1,860 per ounce levels. In domestic market, they said that gold price today is facing resistance at ₹55,700 whereas it has support placed at ₹54,700 per 10 gm levels. They went on to add that major trigger for gold price today is US non-farm payroll data and hence the precious bullion price is expected to remain range bound till this data becomes public.
Experts went on to add that silver rate today is expected to trade in ₹61,000 to ₹64,000 per kg range on MCX whereas in international spot market, silver price may trade in $19.50 to $21 per ounce range.
On why gold prices have fallen today, Marc Despallieres, Chief Strategy and Trading Officer at Vantage said, "The Gold regained strength on Thursday, printing the biggest daily gains of 0.95 per cent in the week, with softer US treasury bond yield and investors stay cautious ahead of non-farm payrolls."
US non farm payroll data effect on gold
Speaking on the major levels in regard to gold rate today, Anuj Gupta, Vice President — Research at IIFL Securities said, "Gold prices have strong support at $1,810 per ounce levels and it is facing resistance at $1,860 levels. As US non-farm payroll data is going to dictate gold prices today, my suggestion to gold traders and investors is to maintain buy on dips around support level and avoid taking any shot position. On MCX, one can buy gold around ₹55,000 levels for immediate target of ₹55,700 maintaining stop loss at ₹54,750 per 10 gm levels."
Silver price outlook
Anuj Gupta of IIFL Securities said that silver rate today is under pressure as investors are awaiting US non-farm payroll data release today. Gupta said that silver price may remain in ₹61,000 to ₹64,000 on MCX whereas in spot market, it may trade in $19.50 to $21 per ounce range.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
