Gold rate today: Gold prices steady ahead of US inflation print; MCX gold at Rs 74,960 per 10 gm

Gold prices in India on the MCX continued to trade steady with an upward bias ahead of the key inflation print due to be out in the US later today. At around 12:38 pm, gold December futures traded with mild gains of 0.03 per cent or Rs 26 at Rs 74,960 per 10 gm.

Gold continued to trade lower for the sixth consecutive day after the Federal Reserve (Fed) revealed its September Meeting Minutes. The Minutes showed that the “substantial majority” of the Federal Open Market Committee (FOMC) backed a 50-basis-point (bps) cut. Despite this, the spot gold trades within familiar levels near $2,610, down over 0.37 per cent. The FOMC’s Minutes showed that some officials would’ve preferred a 25 bps cut, though all participants favored lowering interest rates.

The rate cuts or an easing cycle in interest rate makes gold more appealing as gold is primarily a non-interest-yielding asset.

At the last count, spot gold internationally was at 2,611.85 per ounce, higher by a marginal 0.15 per cent. Similarly, spot gold in Ahmedabad traded higher at Rs 74,590 per 10 gm in the previous day's session.

Gold price outlook 
 
Gold could continue to trade subdued amid inflation numbers due today could provide further cues for the market.  Overall trading range in spot is expected to remain at $ 2605 – 2630 in day trade today, noted Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies

Intraday Trading Strategy in gold/silver 

For precious metals, Qureshi has suggested the below strategies.

– BUY MCX DECEMBER Gold futures at Rs 75000 with a stop loss of Rs 74800 and a price target of Rs 75500.
–  BUY MCX DECEMBER Silver futures at Rs 89000 with a stop loss of Rs 88000 and a price target of Rs 90500.