Gold rate today: Gold prices trade below Rs 76,000/10 gm as China stimulus fails to cheer financial markets
Ahead of the festivities, gold prices are softening by a tad and will the momentum last amid festivities is questionable amid high prices.
Gold prices on the MCX traded weak by a margin tracking overseas softness in the bullion. At the last count at around 11: 39 am, gold December futures declined to levels below Rs 76,000 per 10 gm.
Gold price continues to soften
For some time now gold prices are seeing a correction or rangebound movement. This time the price is seeing a decline as the China stimulus announcement does not provide the much-needed fillip to the global markets.
Spot gold traded a little changed
At around 12:11 pm (IST), spot gold internationally was down 0.06 per cent at $2,647 per ounce.
COMEX Gold
COMEX Gold, meanwhile, also traded at a cut of $2,663 per ounce.
Gold price declines amid strength in dollar index
The dollar gains amid no encouraging signs for the financial markets has been weighing on gold.
Gold price outlook still positive amid geo-political tensions
Amid rising and escalating tensions, gold price shall be primarily determined by this key trigger.
Gold price outlook
Looking ahead, geopolitics may continue to play a role in bullions direction amid Newswires sources revealed that Israel began a security meeting to decide its response to Iran and Hezbollah attacks in Tel Aviv. This week the US economic schedule will feature the New York Empire State Manufacturing Index on Tuesday, followed by the Balance of Trade on Wednesday.
Gold price uptrend remains intact in mid-term
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said, "medium-term uptrend remains intact despite prices retreating from around $2,660 toward the $2,650 area with bullish momentum amid some selling pressure may be seen in near term."
Trading or investment strategy
Qureshi suggest the below strategy for gold/ silver: