Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

Gold rate today: Gold trades lower on Trump's remark on trade talks

SMC Global expects bullion counters to trade on a “weaker path”.|
Oct 11, 2019, 10.52 AM IST

Commodity Summary

Gold and silver prices edged lower on Friday as US President Donald Trump’s remarks on the progress in Sino-US trade talks lifted risk appetite.

“I think it’s going really well. I will say, I think it’s going really well,” Trump said. Moreover, a White House official said the talks had gone "probably better than expected" and a US Chamber of Commerce official briefed by both sides raised the possibility of a currency agreement this week.

MCX Gold (Dec) futures were trading 0.2 per cent down at Rs 38,070. MCX Silver (Dec) futures were trading 0.4 per cent down at Rs 45,237.

SMC Global expects bullion counters to trade on a “weaker path”. Gold can test Rs 37,800 while facing resistance near Rs 38,400 and silver can test RS 45,000 while facing resistance near Rs 45,800, it said.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Dec-2019

In the international markets, gold prices steadied on Friday, settling into a narrow range as investors awaited more clarity on global uncertainties including trade and Brexit, helping the metal shake off initial declines driven by hopes for a breakthrough in the US-China talks.

Palladium, meanwhile, was down 0.1 per cent at $1,698.33 per ounce, as of 0306 GMT, but held close to Thursday's all-time peak of $1,704.59 an ounce, putting it on track for about 2 per cent weekly gain. Spot gold inched 0.2 per cent higher to $1,496.49 per ounce, while US gold futures were little changed at $1,501.

On technical charts, spot gold remains neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, according to a Reuters analyst.

The range is formed by 23.6 per cent and 14.6 per cent retracements on the uptrend from $1,265.85 to $1,557. A break above $1,514 could lead to a gain into the range of $1,537-$1,557, while a break below $1,488 may open the way towards $1,446.

The bias seems to be towards the downside, as the wave pattern suggests the development of a downward wave C, the third wave of a three-wave cycle from $1,557. This wave is capable of travelling into the range of $1,411-$1,446.

A falling channel remains intact, which points a target around $1,446 as well.

Also Read

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

Gold rate today: Gold gains as Moody's downgrades outlook on India

Gold Rate Today: Gold, silver edge lower on rise in risk appetite

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

Gold rate today: Gold, silver add gains as rupee strengthens

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service