Gold Price Today – Bullion likely to trade positive aided by weaker Dollar on intraday basis; analyst suggests strategy for evening trade

MCX Gold and Silver futures were trading with a negative bias on Thursday. While the December Gold Futures were expensive by 0.04 per cent or Rs 21 per 10 gram, the December Silver Futures were down by 0.16 per cent or Rs 107 per kg. Both, Gold and Silver showed recovery after shedding some points in the early part of evening session.  

However, the Gold and Silver futures opened positively today on the back of weaker Dollar and supply chain concerns, a Moilal Oswal report said. Although, the volatile bullion ‘Silver’ did outpace the gains  

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At 6:28 pm, the yellow metal futures were trading at Rs 47,520 while Silver futures were trading at Rs 65,500.   

Meanwhile, December Gold Futures on the CME were trading at USD 1779.3, down by 0.31 per cent from the last closing price around 5:52 pm India time. The precious metal opened with relative weakness today and has only weakened. December Silver futures were trading at USD 24.17, down by 0.275 cents or 1.12 per cent. 

Strategy for Evening Session: 

The Motilal Oswal report expects the Gold Futures to trade with a positive bias. The support is place between Rs 47,300 and Rs 47,000 while the resistance is place between Rs 47,660 and Rs 47,800. 

Spot Gold has support between USD 1770 and USD 1755 and resistance between USD 1790 and USD 1795. 

As for Silver, it is seen to be trading with a positive bias for the evening session. Support is placed between Rs 65,000 and Rs 64,600 while resistance is seen between Rs 65,800 and Rs 66200.  

Spot Gold has support between USD 23.95 and USD 23.80 and resistance between USD 24.35 and USD 25.50. 

Analyst Anuj Gupta said that the Dollar weakness weighed on the precious metal today.  

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a buy on December gold futures at Rs 47,300 with a stop loss of Rs 47,000 and the price target of Rs 47,900. 

As for Silver the VP recommends a buy at Rs 65200 with a stop loss at Rs 64,500 and the target at Rs 66,700.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)