Gold Price Today: Buy MCX Gold, Silver futures for gains, says analyst

Gold was trading positively on Thursday amid some weakness in the Dollar Index (DXY). Gold Futures were trading at USD 1,644, up by USD 9.80 or 0.60 per cent on CME. Taking cues from their foreign peers, MCX Gold and Silver were also trading in the green. MCX December Gold Futures were trading at Rs 50320 per 10 gram, up by Rs 121 or 0.24 per cent. Meanwhile, December Silver futures were trading at Rs 56970 per kg, higher by Rs 956 or 1.71 per cent from the Wednesday closing price.   

Expert Anuj Gupta recommends a buy startegy on Gold Futures for today's session at Rs 49800 with a stop loss of Rs 49650 and price target of Rs 50400. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends buy at Rs 55500 with a stop loss of Rs 54800 and price target of Rs 57000.

Gold prices lingered at a three-week trough, pressured by rising US Dollar and trasury yields amid worries that the Federal Reserve will persist with sharp rate hikes, a Motilal Oswal report said. Higher Inflation data which continues to run at more than three times the central bank's 2 per cent target, strong labour market, better than expected industrial production numbers supported the move in dollar, the report said.

Support is seen at Rs 50000-49850 in December Gold futures while resistance is seen at Rs 50400-50550. As for international market, Spot Gold has support at USD 1620-1605 while resistance is seen at USD 1655-1680.  

Support for December Silver futures is seen at Rs 56150-55850 and resistance at Rs 56650-56950.       

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)