Gold price (September 24): Gold price continue to scale new highs internationally, MCX gold at Rs 74,614, silver up near Rs 90,200/kg
Gold price (September 24): Gold prices marked a new high in the spot market at $2,640.01 per ounce. Likewise, Gold October futures also traded 0.43 per cent higher at Rs 74,614 per 10 gm.
Gold price on COMEX
![Gold price on COMEX Gold price on COMEX](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321275-goldjewellerygoldpexels.jpg)
Gold in a consolidation phase
![Gold in a consolidation phase Gold in a consolidation phase](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321280-goldjewellerypti.jpg)
Downside in bullion capped on further rate cut bets
![Downside in bullion capped on further rate cut bets Downside in bullion capped on further rate cut bets](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321284-pexels-ferarcosn-204427.jpg)
Geopolitical tensions also support gold gains
![Geopolitical tensions also support gold gains Geopolitical tensions also support gold gains](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321288-goldjewellerypexels.jpg)
Gains in gold to be capped
![Gains in gold to be capped Gains in gold to be capped](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321291-goldjewellerypti.jpg)
However as the risk-on sentiment got a fillip post the Fed rate cut, gains in gold can be limited in the near term. The underlying bullish tone across the global equity markets keeps a lid on the safe-haven ahead of this week's release of the US Personal Consumption Expenditures (PCE) Price Index on Friday, said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.
Outlook on Gold and silver
![Outlook on Gold and silver Outlook on Gold and silver](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321292-goldproductsjewellerypexels.jpg)
Qureshi added that gold may turn cautious at higher levels as focus remains on speeches by various Fed officials due later in the week. Meanwhile with China unleashing a blitz of policy support for broader economy, including a cut in reserve requirements to banks and slashing short term lending rates yesterday, silver could find support at lower levels keeping sentiments positive for white metal.
Trading strategy in gold/silver
![Trading strategy in gold/silver Trading strategy in gold/silver](https://cdn.zeebiz.com/sites/default/files/2024/09/24/321294-goldjewellerysalespti.jpg)
For gold October futures, Qureshi has suggested to buy gold on dips at around Rs 74,200 for a target of Rs 74,730 per 10 gm, keeping a stop loss of Rs 73,800 per 10 gm. Similarly for silver December futures, the expert has advised a 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.