Gold rate today: Yellow metal trades near ₹72,000 per 10 grams; Should you buy more or book profit?

  • Gold rate today: MCX Gold October futures have appreciated for the last four sessions and we expect 72,500/10 gm as a good resistance for now. The undertone is bullish and we recommend going long on every, analysts said.

Ankit Gohel
Published21 Aug 2024, 10:37 AM IST
Gold rate today: Yellow metal trades near  <span class='webrupee'>₹</span>72,000 per 10 grams; Should you buy more or book profit?
Gold rate today: Yellow metal trades near ₹72,000 per 10 grams; Should you buy more or book profit?

Gold rate on MCX traded higher on Wednesday tracking international bullion price that is hovering around record level led by optimism over interest rate cut by the US Federal Reserve. Silver prices also climbed to a four-week high amid a weakening dollar index and strong demand from China.

MCX gold was trading 0.28% higher at 71,979 per 10 grams, while MCX silver price was up 0.21% at 84,912 per kg.

International gold prices traded below record high levels after a rally fuelled by Western fund inflows and US rate-cut optimism.

Spot gold was up 0.1% at $2,517.38 per ounce, after hitting an all-time high of $2,531.60 on Tuesday. US gold futures rose 0.2% to $2,555.20. Gold prices have gained about $460 or 22% so far this year.

Also Read | Gold and silver prices today on 21-08-2024: Check latest rates in your city

The dollar slipped to its lowest this year versus the euro, while benchmark 10-year Treasury yields also sank, making non-yielding bullion more attractive for holders of other currencies.

“We expect the US Federal Reserve to implement a 25 bps cut at its September meeting, following a strong retail sales data in July. Another jobs data is due before the September meeting hence still there is a divided opinion for either 25 or 50 bps cut at the upcoming policy meet. Moreover, geopolitical uncertainties and substantial global ETF inflows continued to support the bullish trend in gold,” said Jigar Trivedi, Senior Research Analyst - Currencies & Commodities at Reliance Securities.

MCX Gold October futures have appreciated for the last four sessions and we expect 72,500/10 gm as a good resistance for now. The undertone is bullish and we recommend going long on every dip, Trivedi added.

Also Read | Gold continues to surge as dollar weakens, rate-cut expectations grow

Investors now await the minutes of the Federal Reserve’s latest meeting due later in the day for clarity on the depth of cuts. Moreover, Fed Chair Jerome Powell’s speech on the US economic outlook this Friday at Jackson Hole Symposium will also be keenly watched.

Meanwhile, traders have fully priced a rate cut at the Fed’s September meeting, with a 68% chance of a 25 basis points cut, according to CME FedWatch tool, Reuters reported.

“Gold and silver exhibited significant price volatility and extended their gains, with gold prices reaching a new all-time high of $2,531 per troy ounce in the spot market. The dollar’s weakness, coupled with the ongoing crisis in China’s real estate sector, has made gold and silver attractive investment options. Strong Chinese demand for gold continues to support the prices of these precious metals,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Also Read | The ghost that haunts the global oil markets

Gold Support/Resistance Levels

According to Kalantri, gold finds support at $2,502 - $2,485, with resistance at $2,532 - $2,550. Silver has support at $29.22 - $28.96, with resistance at $29.74 - $29.98.

On MCX, gold has support at 71,510 - 71,320, while resistance is at 71,980 - 72,220. Silver finds support at 84,250 - 83,780, with resistance at 85,400 - 85,950, Kalantri added.

Read all Commodity Market news here

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 making any investment decisions.

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First Published:21 Aug 2024, 10:37 AM IST
Business NewsMarketsCommoditiesGold rate today: Yellow metal trades near ₹72,000 per 10 grams; Should you buy more or book profit?

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