Gold Price Today: USD movement weighs on bullion; analyst recommends this for gains

MCX December Gold and Silver Futures were trading with a positive bias on Thursday. While the yellow metal gained Rs 112 per 10 gram around 2:50 pm, Silver futures were up by Rs 407 per kg from the last closing price on Wednesday. 

Gold prices slipped to a three-week low as robust US economic data lifted the dollar and treasury yields, with jitters around a sooner-than-expected interest rate hike from the Federal Reserve adding to the downbeat mood, Reuters reported. 

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The greenback's strength makes bullion more expensive to holders of other currencies. 

Gold, Silver Trading Strategy  

The December Gold Futures were trading at Rs 47,550 around this time, up by 0.24 per cent from the Wednesday closing price. Meanwhile, December Silver futures were trading up 0.65 per cent at Rs 63,042.   

Analyst Anuj Gupta recommended a Sell on December Gold Futures at Rs 47,700. He puts the stop loss at Rs 48,100 and a price target of Rs 47,200. 

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a Sell of Silver Futures too at Rs 63,200 with a stop loss at Rs 63,700 and target of Rs 62,000. 

Brokerage firm Motilal Oswal expects Gold to continue trading in a higher range on the intraday basis. It sees support at Rs 47,500-47,360 while the resistance at Rs 47,705-47,885. 

As for Silver Futures, support is seen at Rs 62,700-62,475 and resistance is seen at Rs 63,250-63,470, the report said. Silver futures are also expected to trade in arrange, the report further said. 

Internationally, the December Gold futures were trading at USD 1792, up by USD 8.5 or almost 0.5 per cent. It has support between USD 1777 and USD 1760 while resistance between USD 1805 and USD 1820. 

Meanwhile, December Silver futures were trading at USD 23.61, up by 11 cents or 0.5 per cent. Support is seen between USD 23.35 and USD 23.05 while the resistance is seen between USD 23.85 and USD 24.10.  

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