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Gold rate today: Gold, sliver lose sheen as market sentiments improve

SMC Global said bullion counters may witness profit booking at higher levels.

Nov 05, 2019, 10.08 AM IST

Commodity Summary

An increased appetite for riskier assets, as market sentiment improved across the globe, made a dent in gold prices. A strong dollar and lower crude oil prices didn’t help either. The yellow metal edged lower on domestic bourses on Tuesday.

Beijing and Washington have shown signs of progress in trade talks with the Financial Times on Monday saying that US is considering whether to drop some tariffs on Chinese goods.

MCX Gold (Dec) futures were down 0.3 per cent to Rs 38,360. MCX Silver (Dec) futures shed 0.32 per cent to Rs 46,465.

SMC Global said bullion counters may witness profit booking at higher levels. It expects gold to test Rs 38,100 while facing resistance near Rs 38,600 and silver to test Rs 46,300 while facing resistance near Rs 46,800.

In the international market also, gold prices edged down on Tuesday in a second-straight session of losses, as hopes of a Sino-US trade pact boosted the dollar, blunting investors' interest in holding the non-yielding bullion.

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

Spot gold was down 0.3 per cent at $1,505.27 per ounce by 0318 GMT, while US gold futures inched down 0.2 per cent to $1,507.70 per ounce, reported Reuters.

On the technical charts, spot gold may test a support at $1,496 per ounce, a break below which could cause a fall to $1,482, said a Reuters analyst.

After sliding below $1,508, gold is likely to drop further to $1,496, which will become critical in evaluating whether the wedge will become a bearish continuation pattern.

On the daily chart, gold seems to be unable to rise above a neutral range of $1,480.82-$1,518.50. It could fall towards $1,480.82.

Also Read

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