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Gold rate today: Gold, silver trade lower as traders book profits

SMC Global said bullion counters may trade with a positive bias during the day.|
Nov 01, 2019, 09.56 AM IST

Commodity Summary

Gold and silver futures in the domestic market followed their international peers and traded with losses as traders chose to book profits. However, analysts expect the yellow metal to edge up later in the day.

MCX Gold (Dec) futures shed 0.27 per cent to Rs 38,475 whereas MCX Silver (Dec) futures were also down 0.27 per cent at Rs 46,638.

SMC Global said bullion counters may trade with a positive bias during the day. Gold can test Rs 38,800 while taking support near Rs 38,250 and silver can test Rs 47,000 while taking support near Rs 46,450, it added.

In the international market, gold edged down on Friday on profit booking as investors gauged the Federal Reserve's future rate cut stance, but the metal was set for a second weekly gain as the uncertainty surrounding a US-China trade deal boosted its safe-haven appeal, reported Reuters.

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

Spot gold fell 0.2 per cent to $1,510.77 per ounce at 0315 GMT, while US gold futures were down 0.1 per cent at $1,513.20 per ounce. But spot gold is set to rise 0.5 per cent on a weekly basis, after a 1 per cent gain the previous week.

On technical charts, spot gold may test a resistance at $1,519 per ounce, a break below which could lead to a gain to $1,534, while a failure could cause a drop towards $1,496, said a Reuters analyst.

The bounce from the Oct. 1 low of $1,458.50 has been shaped into a rising wedge, which still looks like a bearish continuation pattern, as it appeared after a drop.

On the daily chart, gold looks poised to rise above a neutral range of $1,473.90-$1,518.50. Strategically, a break above $1,529 could confirm the continuation of the uptrend towards $1,557.

Also Read

Gold Rate Today: Gold, silver slip as trade deal hopes rekindle

Gold rate today: Gold eases amid improving global sentiment

Gold Rate Today: Gold, silver shine on safe haven demand

Gold rate today: Gold gains as Moody's downgrades outlook on India

Gold Rate Today: Gold, silver edge lower on rise in risk appetite

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