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Gold Rate Today: Precious metals shine on weak macro data

MCX Gold (Dec) futures was up 0.17 per cent to Rs 38,163.

ETMarkets.com|
Nov 14, 2019, 01.26 PM IST
0Comments
Reuters
Gold-
US gold futures were flat at $1,462.40 per ounce, reported Reuters.
Gold and silver edged higher in early trade on Thursday amid rising inflation and soft Chinese economic data that showed the trade war between Beijing and Washington hit growth in the world's second-largest economy.

MCX Gold (Dec) futures was up 0.17 per cent to Rs 38,163 while MCX Silver (Dec) futures was up 0.43 per cent to Rs 44,724.

Brokerage SMC Global said bullion counters may continue gaining but profit booking at higher levels cannot be denied. Gold can recover towards Rs 38,250 while taking support near Rs 37,900 and silver can test Rs 45,000 while taking support near Rs 44,300.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Dec-2019
05-12-201938042.038240.0
03-12-201938062.038401.0
29-11-201937876.038025.0
27-11-201937751.037513.0
26-11-201937799.037715.0
22-11-201938157.037903.0
15-11-201938096.037988.0
14-11-201938217.038285.0
12-11-20190.037729.0


In the global market, gold prices edged down on Thursday as bullion's safe-haven appeal was dented by hawkish signals from the US Federal Reserve on further interest rate cuts, citing growth in the US economy, a strong labour market and steady inflation.

Spot gold was down 0.1 per cent at $1,461.50 per ounce, as of 0141 GMT, while US gold futures were flat at $1,462.40 per ounce, reported Reuters.

On technical charts, spot gold may break a support at $1,455 per ounce and fall to the next support at $1,440 as it could have completed a bounce from the Nov. 12 low of $1,445.18, said a Reuters analyst.

Once gold rises above the Nov. 13 high of $1,466.89, the break below $1,463 would be confirmed false, and a bullish target at $1,481 will be established then.
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