Gold rate today: Gold eases amid improving global sentiment
Brokerage SMC Global said bullion counters may witness some selling pressure at higher levels.
Commodity Summary MCX
China's central bank cut rates on seven-day reverse repurchase agreements by five basis points to 2.50 per cent, stirring speculation that more stimulus was on the way for the world's second-largest economy.
MCX Gold (Dec) futures were trading down 0.18 per cent to Rs 37,929 while MCX Silver (Dec) futures were 0.46 per cent down to Rs 44,241.
Brokerage SMC Global said bullion counters may witness some selling pressure at higher levels. Gold can dip lower towards Rs 37,800 while facing resistance near Rs 38,200 and silver can test Rs 44,000 while facing resistance near Rs 44,600, it added.
Gold Rates - Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price |
Rs/10 grms (AHMEDABAD)
|Gold Future Price |
Rs/10 grms Expiry: 05-Feb-2020
Globally, gold eased on Monday pressured by optimism over US-China trade ties following a report of "constructive talks" over the weekend, but held within a tight range as caution set in with investors awaiting concrete signals on the negotiations.
Spot gold inched down 0.1 per cent to $1,465.62 per ounce at 0157 GMT, while US gold futures were down 0.1 per cent at $1,466.80 per ounce.
According to technical charts, spot gold looks neutral in a narrow range of $1,462-$1,472 per ounce, and an escape could suggest a direction.
On the daily chart, the bounce looks like a pullback towards a resistance at $1,463, the 23.6 per cent retracement of the uptrend from $1,159.96 to $1,557. The pullback seems to have been a bit overdone. Eventually, the metal could fall to $1,405.