Gold rate today (October 7, 2024): Gold price falls below Rs 76,000/ 10 gm, silver down Rs 500 at Rs 92,862/kg

Gold rate today (October 7): Gold prices in Monday's trade (December futures) on the MCX were down by 0.16 per cent or Rs 120 at Rs 76,023. Meanwhile, silver (December) futures were down 0.52 per cent or Rs 487 at Rs 92,862 per kg.

Gold and silver prices remained highly volatile in the previous week amid heightening Middle East crisis and strength in the dollar index.

Spot gold in the US dollar was down 0.36 per cent at $2,644 per ounce. 

Gold prices hit record highs and silver prices also hit 12-year highs in the international markets but strength in the dollar index and the U.S. 10-year bond yields limited gains of precious metals. The dollar index and the U.S. 10-year bond yields hit 2-month highs after strong U.S. non-farm payroll

Gold and silver prices also slipped from their highs amid strength in the crude oil as it could ease aggressive interest rate cut hopes from the U.S. Fed.

Gold price outlook

Manoj Jain, Director- Prithivi Finmart expects gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions and it is expected to hold its support level of $2,600 and $30.88 per troy ounce respectively on a weekly closing basis. Gold has support at $2658-2644, while resistance at $2688-2704 per troy ounce and silver has support at $32.15-31.80, while resistance is at $32.70-33.00 per troy ounce in today’s session, he added.

 At MCX, gold is having support at 75850-75600 and resistance at 76500-76740 while silver is having support at 92500-91800 and resistance at 94200-95100. We suggest buying gold on dips around 75850 with a stop loss of 75500 for the target of 76400 and also suggest buying silver around 92800 with a stop loss of 91950 for the target of 95000, adds Jain.