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    Gold rate today: Gold eases amid improving global sentiment

    Synopsis

    Brokerage SMC Global said bullion counters may witness some selling pressure at higher levels.

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    Globally, gold eased on Monday pressured by optimism over US-China trade ties following a report of "constructive talks" over the weekend.

    Commodity Summary

    MCX
    Bullion counters traded with cuts as sentiments improved in India, as well as in Asian after Beijing surprised markets by trimming a key interest rate for the first time since 2015.

    China's central bank cut rates on seven-day reverse repurchase agreements by five basis points to 2.50 per cent, stirring speculation that more stimulus was on the way for the world's second-largest economy.

    MCX Gold (Dec) futures were trading down 0.18 per cent to Rs 37,929 while MCX Silver (Dec) futures were 0.46 per cent down to Rs 44,241.

    Brokerage SMC Global said bullion counters may witness some selling pressure at higher levels. Gold can dip lower towards Rs 37,800 while facing resistance near Rs 38,200 and silver can test Rs 44,000 while facing resistance near Rs 44,600, it added.

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

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Oct-2020
    01-10-20205032550404
    25-09-20204987649689
    23-09-2020049491
    18-09-2020051730
    17-09-2020051466
    16-09-2020051842
    11-09-2020051333
    08-09-20205096750967
    04-09-20205094050740
    02-09-20205108850794


    Globally, gold eased on Monday pressured by optimism over US-China trade ties following a report of "constructive talks" over the weekend, but held within a tight range as caution set in with investors awaiting concrete signals on the negotiations.

    Spot gold inched down 0.1 per cent to $1,465.62 per ounce at 0157 GMT, while US gold futures were down 0.1 per cent at $1,466.80 per ounce.

    According to technical charts, spot gold looks neutral in a narrow range of $1,462-$1,472 per ounce, and an escape could suggest a direction.

    On the daily chart, the bounce looks like a pullback towards a resistance at $1,463, the 23.6 per cent retracement of the uptrend from $1,159.96 to $1,557. The pullback seems to have been a bit overdone. Eventually, the metal could fall to $1,405.
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    The Economic Times