Gold rate today: Gold prices above Rs 76,450/10 gm; US NFP data eyed

Gold rate, Gold rate today: Gold prices remained upbeat tracking gold rate movement in global markets. MCX December futures was up Rs 76,458, up 0.28 per cent or Rs 214 per 10 gm. Meanwhile, silver futures (December) were up 0.5 per cent at Rs 93,445 per kg.

On the COMEX, gold futures was up 0.24 per cent or 6.3 at $2,685.5 per ounce. Now after a slight consolidation, yellow metal is seen gaining ground ahead of the US Nonfarm Payrolls (NFP) data for the next potential price move, while geopolitical tensions in the Middle East persist.

Ahead of the NFP release, some traders are adjusting positions by taking profits from the recent US Dollar (USD) rally, which has given gold a slight boost. The USD pulled back on Friday after reaching a six-week high on strong US employment and ISM Services PMI data. This positive data has reduced expectations for the Federal Reserve's 50-basis-point interest rate cut in November.

At the last count, DXY or dollar index quoted with a marginal drag at 101.89. 

Outlook on gold

Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies is of the view that as we head into the US NFP showdown, traders are resorting to position readjustment by way of profit-taking on the recent US Dollar (USD) rally, injecting fresh signs of life in Gold price. Overall prices may turn volatile in evening trade today while Silver is likely to continue to outperform Gold in the coming days. she added.

Dr. Renisha Chainani, Head Research - Augmont - Gold For All held that Iran launched approximately 180 ballistic missiles on Tuesday night; Israel is planning a massive counterattack within days, increasing the likelihood of a full-scale war and supporting the Gold market. Gold remains supported at around $2650 (Rs 75400), and resistance is around $2700 (Rs 76500)

Trading strategy in gold/silver

Qureshi suggests to buy Gold December futures at  Rs 76200 with a stop loss of Rs 76000 and a price target of Rs 76600, while for silver she has a buy advice for Rs 95,000 target at a price of Rs 93,000, keeping a stop loss of Rs 92,000.