Gold rate today: Gold price hits all-time high of Rs 76,899 per 10 gm on MCX mirroring international gains

MCX rate

On the MCX, gold December futures traded with gains of 0.08 per cent or Rs 62 at Rs 76,726 per 10 gm. The MCX December futures clinged a new all-time high of Rs 76,899. Meanwhile, COMEX December futures also moved past $2,700 per ounce level briefly.

Silver December futures slip

Silver however traded with a cut of 0.6 per cent or Rs 511 at Rs 91,672 per kg 

Spot rate of gold

In Ahmedabad, spot gold traded above Rs 76,100 per 10 gm mark in the previous day's trade.

Gold gets support amid increasing bets on Fed 25 bps cut in November

Gold prices are drawing support amid increasing bets of a 25 bps rate cut by the Federal Reserve amid soft inflation print.

Dollar yield and treasury yield decline

Gold prices rose during the mid-North American session on Wednesday, underpinned by the drop in US Treasury yields and the shrug off recent US Dollar strength. Expectations that major central banks would cut rates amid soft inflation readings weighed on bond yields and boosted the golden metal. At the time of writing, the XAU/USD trades at $2,681, up by 0.5 per cent.

Key factors to drive yellow-metal's price in near term

The Market’s attention turns to upcoming US Retail Sales, Industrial Production data, and Initial Jobless Claims due later this week. Overall since the momentum remains on the upside, prices may test $ 2685 on the upside a close above which only sustainable upside may persist.  Meanwhile supports persist in the range of $ 2635 – 2630 in spot.

Trading strategy in gold and silver for today

Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies gives the below strategy:

– BUY MCX DECEMBER Gold futures at Rs 76600 with a stop loss of Rs 76400 and a price target of Rs 76900.
–  BUY MCX DECEMBER Silver futures at Rs 91500 with a stop loss of Rs 90500 and a price target of Rs 93000