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    Gold Rate Today: Gold, silver shine on safe haven demand

    Synopsis

    Gold can recover towards Rs 37,900 while taking support near Rs 37550 and silver can test Rs 44,400 while taking support near Rs 43,850.

    ETMarkets.com

    Commodity Summary

    MCX
    Precious metals advanced on Wednesday as unrest in Hong Kong escalated with fresh violence while industrial production growth slumped to an 8-year low, indicating a massive dip in demand. A speech by US President Donald Trump dashed hopes for a positive sign on a US-China trade deal, prompting investors to seek safety in the metal.

    MCX Gold (Dec) futures edged 0.22 per cent higher to Rs 37,802 while MCX Silver (Dec) futures gained 0.55 per cent to Rs 44,130.

    Brokerage SMC Global expects bullion counters to witness some short covering at lower levels. Gold can recover towards Rs 37,900 while taking support near Rs 37550 and silver can test Rs 44,400 while taking support near Rs 43,850, it added.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Feb-2021
    25-01-20214923949090
    18-01-2021048910
    15-01-2021048700
    13-01-2021049285
    12-01-2021049137
    08-01-20215067948965
    07-01-2021050926
    05-01-2021051480
    01-01-2021050258
    30-12-2020050128
    29-12-20204985149990


    Gold prices were flat on Wednesday as investors stayed cautious after a much-awaited speech by US President Donald Trump gave no details on the signing of a trade deal with China, while a firmer dollar dented demand for the safe-haven asset.

    Spot gold was flat at $1,457.91 per ounce, as of 0116 GMT, while US gold futures were up 0.3 per cent at $1,458 per ounce, reported Reuters.

    According to technical charts, spot gold may end its current weak bounce around a resistance at $1,466 per ounce and then resume its drop towards $1,440, said a Reuters analyst.

    The resistance is identified as the 50 per cent projection level of a downward wave C from $1,515. On the daily chart, gold has broken a support at $1,463, the 23.6 per cent retracement on the uptrend from $1,159.96 to $1,557. It is pulling back towards this former support, now a resistance. The pullback may end around $1,463, which is near $1,466 on the hourly chart.

    Based on this retracement analysis, the metal may fall to $1,405.
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