Precious metal prices: Gold prices hit all-time high today; silver down near Rs 98,500/kg
Tracking gains in the international market, gold prices on the MCX (December futures) hit an all-time high of Rs 79,599 per 10 gm in Wednesday's session (October 30). At around 11:25 am, gold prices traded higher by 0.48 per cent or Rs 377 at Rs 79,610 per 10 gm.
COMEX gold price nears $2,800 per oz level
On the COMEX, gold nears $2,800 per oz level, with prices at day's high hitting $2,795.9 per oz.
Spot gold rate today
Spot gold last was up by 0.74 per cent or Rs 576 at Rs 78,493 per 10 gm.
Decline in US treasury yields aiding fresh highs in yellow metal
Gold went on to hit a new all-time high of $2,774 per oz late in the North American session yesterday amid a risk-on mood and a retracement in US Treasury yields.
Mixed US data raise bets of a rate cut by US Fed in November
Following the release of the mixed US data, investors seem convinced that the Federal Reserve will lower borrowing costs at the November meeting.
Gold price outlook
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said with auspicious festive week beginning in India along with persisting geopolitics, expectations of rate cuts & diminishing Jobs data released yesterday, sentiments remained supported in day trade.
US GDP and Non-farm payroll data crucial
Meanwhile, the US GDP numbers and non-farm payrolls due later this week remain crucial to gauge the further trajectory of rate cuts in the November meeting. On the higher side prices may extend its bull run towards $ 2800 per oz in spot in case the US GDP disappoints followed by disappointing payrolls report.
Nonetheless, a higher than expected US GDP numbers may lead prices to witness pullback towards $ 2760 - 2750 per oz in spot, added Qureshi.
Trading strategy in gold and silver
For the precious metals, the analyst has given the below trading strategy:
– BUY MCX DECEMBER Gold futures at Rs 79400 with a stop loss of Rs 79200 and a price target of Rs 79800.
– BUY MCX DECEMBER Silver futures at Rs 98000 with a stop loss of Rs 97000 and a price target of Rs 100000