Gold rate today: Gold, silver trade higher ahead of Brexit talks
In the international market, gold prices held steady below $1,500 an ounce on Tuesday.
Officials from Britain and the EU will meet at a make-or-break summit on Thursday and Friday, which will determine whether or not Britain is headed for a so-called no-deal Brexit.
MCX Gold (Dec) futures was trading marginally up at Rs 38,245. MCX Silver (Dec) futures was up 0.25 per cent to Rs 45,918.
In the international market, gold prices held steady below $1,500 an ounce on Tuesday, as markets braced for talks between Britain and the EU.
Gold Rates - Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price |
Rs/10 grms (AHMEDABAD)
|Gold Future Price |
Rs/10 grms Expiry: 05-Dec-2019
Spot gold was flat at $1,492.83 per ounce, as of 0105 GMT. US gold futures were a shade lower at $1,496.90.
On technical charts, spot gold may retest support at $1,479 per ounce, a break below which could cause a fall to $1,456, as per a Reuters analyst.
The support is identified as 38.2 per cent projection level of a downward wave C from $1,516.77. This wave is capable of travelling into a range of $1,418-$1,456.
A retracement on the uptrend from $1,265.85 to $1,557 reveals a target around $1,446, the 38.2 per cent level.
The Wave C is expected to unfold in a falling channel, which points a target around $1,446 as well. Only a break above $1,517 could confirm the continuation of the uptrend towards $1,557.