Gold rate today: Gold, silver lose sheen awaiting US-China trade deal developments
Bullion counters may remain on a positive path, said brokerage house SMC Global.
MCX Gold (Dec) futures were down 0.15 per cent to Rs 38,170 while MCX Silver (Dec) futures were down 0.12 per cent to Rs 44,630.
Bullion counters may remain on a positive path, said brokerage house SMC Global. Gold can move higher towards Rs 38,350 while taking support near Rs 38,000 and silver can test Rs 45,000 while taking support near Rs 44,200, it added.
In the US markets, gold inched up to its highest in more than 1-1/2 weeks on Tuesday as fresh doubts about a trade deal between US and China dented appetite for riskier assets.
Spot gold rose 0.2 per cent to $1,473.04 per ounce by 0105 GMT. It had hit the highest level since Nov 7 at $1,475.40. US gold futures edged up 0.2 per cent to $1,474.10 per ounce.
According to technical charts, spot gold may break a resistance at $1,474 per ounce, and rise towards a range of $1,480-$1,485.
The metal failed to break $1,474 in its first attempt, as this resistance is strengthened by another one at $1,472, the 38.2 per cent retracement of the downtrend from $1,515 to $1,445.18.
There might be a shallow correction towards $1,462 before gold retests the resistance. A break below $1,462, however, could signal a continuation of the downtrend towards $1,445.18.