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Gold Rate Today: Gold, silver jump on higher demand

The MCX Gold was trading at Rs 31,274 per 10 grams

ETMarkets.com|
Updated: Dec 06, 2018, 11.55 AM IST
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MCX Gold may trade in a sideways range today, brokerage Motilal Oswal Securities said.

Commodity Summary
MCX

GOLD
SILVER
NEW DELHI: Gold price advanced in the domestic futures market in Thursday's trade on healthy buying by local jewellers at the spot market even as positive trend overseas bolstered the gains further.

The MCX Gold was trading at Rs 31,274 per 10 grams, up by Rs 199, while MCX Silver was trading Rs 59 higher at Rs 37,485 a kilo around 10:20 am.

Demand from local jewellers in the ongoing wedding season gave gold prices a fillip.

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


MCX Gold may trade in a sideways range today, brokerage Motilal Oswal Securities said.

"Support for the commodity is at Rs 30,900-30,870, whereas it has a resistance near Rs 31,150-31,180," the brokerage said, adding, a price break on either side will give further trend confirmation.

For MCX Silver, the brokerage sees an immediate strong resistance at Rs 37,550-37,625. "The commodity has a support at Rs 37,100-36,900," the brokerage said.

Gold prices climbed in the global markets as dollar eased slightly. A weak dollar means gold will appreciate as the commodity becomes cheaper in other currencies, giving rise to its demand.
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