Gold price today: Rates rise on positive global cues; what should be your strategy for gold today?
2 min read 09 Aug 2023, 10:19 AM ISTGold prices rise in domestic futures market on positive global cues. Experts expect volatility ahead of US retail inflation data.
PremiumGold prices rose in the morning trade in the domestic futures market on Wednesday tracking positive global cues.
"Gold prices bounced back on Wednesday from one-month lows hit in the previous session, as the dollar and bond yields weakened a day ahead of the release of US consumer price data that could build the case for or against further interest rates hikes," reported Reuters.
Gold and silver prices ended lower on Tuesday, with the yellow metal slipping to a one-month low and silver falling to two-month lows after weak Chinese import and export data. The Moody's downgrade of the US regional banks also weighed on the bullion.
MCX Gold October 5 contract traded 0.16 per cent higher at ₹59,340 per 10 grams around 10:15 am.
What should be your strategy for gold today?
Experts expect gold prices to remain volatile for today and tomorrow ahead of the US retail inflation print on Thursday.
Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities expects gold prices to trade with a positive bias for the day amid safe-haven bids. "Still, the upside might be limited as investors remain cautious ahead of US CPI due tomorrow," Rao said.
Rahul Kalantri, VP of Commodities at Mehta Equities expects gold and silver prices to remain volatile this week ahead of the US inflation data.
"Gold has support at $1,916-1,905 while resistance is at $1,937-1,948. Silver has support at $22.58-22.42, while resistance is at $22.94-23.10. In the Indian rupee terms, gold has support at ₹59,020 and ₹58,840, while resistance is at ₹59,490 and ₹59,610. Silver has support at ₹69,780 and ₹69,320, while resistance is at ₹70,840 and ₹71,540," Kalantri said.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week ahead of the US inflation data scheduled on Thursday and some short covering and bargain buying is expected in silver at lower levels.
"Gold has support at $1,945-1,934, while resistance at $1,972-1,984 per troy ounce. Silver has support at $22.55-22.30, while resistance is at $24.10-24.40 per troy ounce. On MCX, gold is having support at ₹59,050-58,880 and resistance at ₹59,400-59,550 while silver is having support at ₹69,750-69,220 and resistance at ₹70,700-71,250," said Jain.
Jain suggests buying silver around ₹69,800-69,600 with a stop loss of ₹69,200 on a closing basis for the target of ₹70,750.
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Disclaimer: The views and recommendations above are those of individual analysts and broking companies, not of Mint. We advise investors to check with certified experts before taking any investment decisions.
