Gold rate today: Gold prices hit record high for 2nd day; zooms to Rs 77,641 per 10 gm on MCX
Gold prices continued to gain ground for the second consecutive day amid bets of a rate cut by the US Federal Bank.
Gold prices extended their previous day's gains and hit a record high for the second day in a row. The gains in the precious metal comes right ahead of festivities which may mar the demand for gold. As per retailers, the demand may be impacted in grammage terms amid high gold prices.
Gold price on MCX
On the MCX, gold prices rallied to a fresh high of Rs 77,641 per 10 gm tracking gains overseas.
COMEX Gold
Internationally, gold prices rallied 0.72 per cent to $2,727.2 per ounce in today's trade.
Spot gold
Spot gold prices internationally also made a record high and clinched levels of $2,712.43 per ounce.
Rate cutting spree by global central banks pushes gold higher
Earlier on Thursday, the European Central Bank resorted to rate cuts and eyes more cuts amid sagging economy.
Geopolitical unrest and heightened uncertainty gives gold a boost
Political unpredictability in the US and tensions in the Middle East give the commodity a further boost.
Dollar index strength also fails to weigh on gold gains
Typically, dollar index has been largely trading steady and last it traded weak by 0.18 per cent at 103.61.
Near-term outlook for gold price
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said," Gold is finding support as the US 10-year Treasury note yield dropped to 4 per cent, making the yellow metal more appealing while festive season demand begins in local markets."
Overall prices may end the week on a positive note with sentiments remaining favourable, she added.
Intraday strategy for gold and silver
The expert recommeds the below Intraday Trading Strategy
– BUY MCX DECEMBER Gold futures at Rs 77000 with a stop loss of Rs 76800 and a price target of Rs 77300.
– BUY MCX DECEMBER Silver futures at Rs 91500 with a stop loss of Rs 90500 and a price target of Rs 93000