Gold prices rise Rs 1,500/10g; silver up Rs 3,100/kg ahead of US economic data, softer yields. Buy, sell or hold?
The dollar's rally paused, making gold priced in the US currency more affordable for buyers holding other currencies. Meanwhile, the benchmark 10-year US Treasury yield declined for a second consecutive session.
Investors are now awaiting upcoming economic data for fresh clues on the Federal Reserve's monetary policy ahead of its October meeting. Last month, the US central bank voted unanimously to raise its policy rate by 0.25 percentage points. According to CME's FedWatch tool, traders are pricing in an 18% probability of a rate hike in October and an 82% chance of an increase in December.
Gold is traditionally considered a hedge against inflation, but higher interest rates tend to reduce its appeal as the metal does not offer any yield.
Gold, silver international prices
Spot gold gained 0.9% to $4,169.32 per ounce by 0137 GMT, recovering after hitting a two-month low on Wednesday. US gold futures also advanced 0.9% to $4,194.40.Among other precious metals, spot silver rose 1.1% to $60.00 per ounce, platinum gained 2.2% to $1,670.15, and palladium advanced 2.1% to $1,146.98. Despite the gains, all three metals remained on track to post weekly losses.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,134-4,110 per troy ounce, while resistance is placed at $4,188-4,220. Silver has support at $59.10-58and resistance at $60-61.20 per troy ounce in today's session.On the MCX, gold has support at Rs 1,48,800-1,48,100 and resistance at Rs 1,50,150-1,51,100. Silver has support at Rs 2,19,800-2,18,000, while resistance is seen at Rs 2,23,000-2,25,000.
Jain said long-term investors could accumulate gold and silver in a staggered manner during the current market decline. However, he advised traders to wait for some stability in the markets before initiating fresh positions.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,09,792/8 grams while pure gold (24 carat) prices stand at Rs 1,19,752/8 grams.Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,672/8 grams while pure gold (24 carat) prices stand at Rs 1,19,648/8 grams.Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,09,672/8 grams while pure gold (24 carat) prices stand at Rs 1,19,648/8 grams.Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,09,672/8 grams while pure gold (24 carat) prices stand at Rs 1,19,648/8 grams.Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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