Gold rate today: Yellow metal hovers near one-month high; silver tops Rs 58,000

News

NEW DELHI: Gold prices were trading flat, steady near a one-month high on Friday, thanks to a fall in the US dollar and weak US treasury yields.

Traders awaited the US jobs data amid the growing recession fears boosted safe-haven demand and kept bullion on track for its third straight weekly rise. The market’s focus is on the monthly US non-farm payroll report due later in the day.

Gold futures on

were trading flat, marginally lower by 0.02 per cent or Rs 10 at Rs 52,155 per 10 grams. However, silver futures added 0.36 per cent or Rs 208 at Rs 58,190 per kg.

Sino-US tensions remained in focus after China fired multiple missiles near Taiwan on Thursday, a day after US House of Representatives Speaker Nancy Pelosi made a solidarity trip to the self-ruled island.

Rahul Kalantri, VP Commodities, Mehta Equities said gold prices were firm on the back of increased geopolitical tension between the US and China but the upcoming Friday’s employment report could disrupt the momentum.

“However, hawkish comments from two Federal Reserve members drove up expectations of sharper interest rate hikes this year restricting gains of precious metals,” he added.

In the spot market, the highest purity gold was sold at Rs 52,039 per 10 grams while silver was priced at Rs 58,057 per kg on Thursday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have jumped about Rs 2,100 per 10 grams in the last two weeks, whereas silver gained close to Rs 4,200 per kg in the same period under review.

Trading Strategy
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,775 and resistance at $1,810 per ounce. MCX Gold October support lies at Rs 51,800 and resistance at Rs 52,500 per 10 grams, said Tapan Patel, Senior Analyst (Commodities),

Securities.

Global markets
Spot gold was flat at $1,790.73 per ounce after hitting its highest level since July 5. Prices are up 1.5 per cent this week. US gold futures were steady at $1,807.40.

Spot silver rose 0.5 per cent to $20.25 per ounce, and palladium climbed 0.8 per cent to $2,081.43. Platinum gained 0.8 per cent to $933.91 per ounce and was heading for its third consecutive weekly rise.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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