As India celebrates Navratri festival, should you invest in gold on Asthami, Navami 2024?
Gold price after a steep cut in the previous day's trade made a comeback following gold's movement in the international markets.
Gold rate today: Gold prices are trading with gains in Wednesday's session (October 9) after steep fall in the previous day's trade. MCX December futures at around 11:11 am traded higher by 0.15 per cent or Rs 114 at Rs 75,275 per 10 gm.
Gold prices declined sharply
Tracking sharp losses on the COMEX, MCX gold declined to levels of Rs 75,161 per 10 gm.
Gold prices headed lower as steep rate cut expectations came down
The decline follows as strong U.S. employment data, which lowered expectations of a significant Federal Reserve rate cut. On the MCX, gold prices have fallen Rs 1,500 per 10 gm.
Dollar index and bond yield gold also check upside in gold
The rising U.S. dollar and bond yields also pressured gold prices. At the last count, DXY or the dollar index was mildly higher at 102.56 which is nearly at its 7-week high.
Gold prices soften as Middle East tensions ease
Additionally, hints of a truce in the Middle East conflict prompted profit-booking. Gold price in an otherwise scenario get a boost as a safe-haven asset amid geo-political tensions and uncertain environment.
Spot gold rate
In Ahmedabad spot gold of 10 gm traded at Rs 75,279 per 10 gm.
Factors to determine gold trajectory going ahead
Going ahead how the geo-political tensions pan out and the upcoming US inflation print will determine gold's trajectory going ahead.
Trading strategy in gold/ silver
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies on the strategy gave the following view.
Intraday Trading Strategy
Sell MCX December Gold at ₹75,300, Stop Loss: ₹75,500, Target: ₹75,000.
Sell MCX December Silver at ₹89,000, Stop Loss: ₹90,000, Target: ₹87,000.
As India celebrates Navratri festival, should you invest in gold on Asthami, Navami 2024?
Manoj Jain, Director- Prithvi Finmart said, "Gold is always good to buy on auspicious days. In longer term gold had given phenomenon returns to Indian investors. Looking to the global geo-political tensions and de-dollarisation gold will continue to deliver positive returns in longer term."
Some profit booking may happen in the short term buy investors took advantage for buying at lower levels, he added.
The expert suggests buying gold on the auspicious festival seasons to our investors for positive returns in the future.