Business

Gold Price- MCX gold trades steady; Support seen at Rs 60920-60760, resistance at Rs 61280-61470

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices are trading higher on Friday, while Silver rates traded flat. On the Multi Commodity Exchange, gold December futures were trading at Rs 61,150 per gram, up Rs 78 or 0.13%. Silver December futures are trading flat at Rs 72,900 per kg, up merely Rs 2 on the MCX.

Gold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker US dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes, according to Reuters. Spot gold held ground at $1,992.73 per ounce. Bullion has risen 0.7% this week. US gold futures were little changed at $1,993.60.

Also Read

Jefferies sees 25% upside potential for Axis Bank; assign ‘Buy’ rating with target price of Rs 1250

“Gold prices trade steady as the US dollar ticked lower, but investors remained largely on the sidelines in holiday shortened trading with uncertainty around the  Federal Reserve’s rate path. The lighter trade volumes on the back of  US Thanksgiving Day also contributed to the lower volatility witnessed in yesterday’s session. Expectations that the Federal Reserve may pursue less aggressive interest rate hikes have supported the recent rally in gold prices. “However, US economic indicators this week sent mixed signals to investors, unemployment claims dropped significantly, suggesting strength in the labor market, while consumer sentiment revealed growing concerns over inflation, and durable goods orders showing a decrease,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.

Nippon India MF launches Nifty 500 Equal Weight Index Fund: Who should invest? Know benefits, tax implications
Meghalaya High Court bans single-use plastic – How grave is plastic use crisis in India?
Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as much as 5% after SC allows states to collect past dues on royalties
Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility

Rahul Kalantri, VP of Commodities, Mehta Equities believes that the US manufacturing PMI data which is scheduled for release later today could provide guidance for the precious metals market. “Anticipate continued volatility in today’s session for both gold and silver. Gold finds support at $1981-1968, with resistance at $2008-2021. Meanwhile, silver has support at $23.48-23.32 and resistance at $23.86-24.05. In terms of INR, gold has support at Rs 60,920-60,760 and resistance at Rs 61,280, 61,470. Silver’s support in INR is at Rs 72,050-71,380, and resistance stands at Rs 73,570, 74,130,” Rahul Kalantri added.

Check the live Gold rates here; 

https://www.financialexpress.com/gold-rate-today/

Related Posts

Markets back to new highs

Equities took the winning streak to the third consecutive session and logged fresh records on Friday, leaving behind the nightmarish intraday slump of over 8% seen on Tuesday…

Markets Kickstart FY25 in style; Sensex gains 300 points, Nifty shuts above 22,450 led by media on April 1

The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 135.10 points or 0.61% to settle at 22,462.00, while the BSE…

Mankind Pharma promoters to divest stake to comply with MPS norms; read to know more

Mankind Pharma promoters will divest a 1.62% stake in the company to meet with minimum public shareholding requirement norms, the company said in an exchange filing.  The company’s…

Nifty to continue its winning streak or fall in trade- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty traded up 19 points, or 0.10%, at 19,849, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday,…

Markets close at record high! Nifty at 23,399, Sensex up 204 points; Nifty Midcap 100 outperforms 

Indian equity Indices closed on a higher note on Thursday after hitting new highs. The NSE Nifty 50 hit a new all-time high of 23,481.05. The index later…

Aadhar Housing Finance gets Sebi nod for Rs 5,000-cr IPO

The Securities and Exchange Board of India (Sebi) has given its approval for the Rs 5,000-crore initial public offering (IPO) of Aadhar Housing Finance. The proposed IPO will combine…