Gold prices (September 23): Gold price hits new high in global markets; yellow metal near Rs 74,300/10 gm, silver down Rs 200/kg
Gold, silver price (Septemebr 23): Gold prices tracking new highs made in the international markets continued with their uptrend. On the MCX, gold (October) futures traded higher with gains of 0.34 per cent or Rs 250 at Rs 74,290 per 10 gm, while at day's high it scaled to Rs 74,324 per 10 gm.
Gold price have been hitting fresh highs for second consecutive day today
Today gold prices scaled a new high of $2,631.19 per ounce. The gains come as the aggressive Fed rate cut increases gold's appeal.
Comex Gold
COMEX gold traded higher by 0.3 per cent at $2,654.1 per ounce.
Silver trajectory
Silver on the MCX is down by a marginal and last was down close to Rs 200 or 0.2 per cent at Rs 89,957 per kg.
Gold continues to gain on weak dollar and US treasury yield
As the recent Fed comments signalling further rate cuts continued to weigh on the dollar index- last trading marginally up, gold's rally remains underway.
Gold logs biggest annual rise since 2010
Amid a number of factors, despite the rise in risk-on sentiment, gold so far this year has risen 24 per cent, the most annual gains since 2010.
Gold price outlook
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said on the data front, S&P Global Flash PMIs, along with housing data and the Fed’s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index, will dictate the gold’s forward path.
Silght pullback to record high anticipated for gold
Overall with all the signs pointing to further upward rally for the week, the previous weeks run seems overextended, which could lead prices for a slgiht pullback before aiming to new record highs. Overall the trading range for the yellow metal could remain at around $ 2540 – 2670 per ounce in spot for the current week.
Trading strategy in gold/silver
On the MCX, Qureshi has suggested buy on dips at around Rs 74,200 for a target of Rs 74,730 and keeping a stop loss of Rs 73,800 per 10 gm. Meanwhile, for silver December, the expert advised buy on dips at around Rs 90,000 for a target of Rs 92,000, keeping a stop loss of Rs 89,000 per kg.