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Gold rate today: Bullion flat ahead of FOMC meet, China tariff deadline

The deadline for the next round of tariffs on Chinese imports to the US is December 15.

ETMarkets.com|
Dec 10, 2019, 10.12 AM IST
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MCX Gold (Feb) futures were down 0.1 per cent to Rs 37,544 and MCX Silver (Mar) futures were down 0.12 per cent to Rs 43,450.

Commodity Summary
MCX

GOLD
SILVER
Precious metals were flat-to-negative during opening trade on domestic commodity bourses as traders awaited clarity on the tariff war waging between US and China. Traders are also awaiting the US Fed meet that will start on Tuesday.

The deadline for the next round of tariffs on Chinese imports to the US is December 15. In the meantime, a dialogue on a trade deal between these two nations is going on.

MCX Gold (Feb) futures were down 0.1 per cent to Rs 37,544 and MCX Silver (Mar) futures were down 0.12 per cent to Rs 43,450.

In the US markets, gold prices held steady on Tuesday, ahead of a policy meeting by the US central bank, while investors awaited clarity on whether a next round of US tariffs on Chinese imports will take effect this weekend.

Spot gold was down 0.1 per cent to $1,461.05 per ounce by 0156 GMT, reported Reuters. US gold futures were flat at $1,465.40. Palladium was unchanged at $1,881.34 an ounce. The supply-squeezed autocatalyst metal climbed to an all-time high of $1,898.50 in the previous session.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Feb-2020
24-01-202040002.040379.0
21-01-202039851.039968.0
17-01-202039804.039971.0
14-01-202039602.039462.0
10-01-202039607.039870.0
07-01-202040372.040673.0
03-01-202039948.040132.0
01-01-202038995.039072.0


According to technical charts, spot gold is expected to test support at $1,455 per ounce, a break below which could cause a fall to $1,440, said a Reuters analyst. The support is provided by the 61.8 per cent projection level of an upward wave C from $1,515.41.

Resistance is at $1,466, a break above which could lead to a gain to $1,478. On the daily chart, gold remains steady within a falling channel, which suggests a lower target at $1,411.

Strategically, this target will be confirmed when the metal breaks $1,446, the 38.2 per cent retracement on the uptrend from $1,265.90 to $1,557.

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