Gold rate today: Gold October futures contracts at MCX reached a brand new all-time excessive of Rs 76,000 per 10 grams on Wednesday. Over the previous week, gold costs have risen by Rs 2,900 per 10 grams, following the US Fed’s determination to chop charges by 50 bps.
In distinction, silver December futures contracts had been buying and selling at Rs 92,221/kg, a lower of 0.19% or Rs 172. Nonetheless, silver has additionally seen vital positive factors over the previous week, rising by Rs 3,900/kg.
In keeping with an ET report, Anuj Gupta of HDFC securities attributed the record-high gold costs to “persistent optimism over U.S.rate of interest cuts” and the Chinese language authorities’s announcement of “a barrage of stimulus measures, elevating hopes of an financial restoration.”
“One other contemporary purpose is that the Chinese language authorities introduced a barrage of stimulus measures, elevating hopes of an financial restoration,” stated Anuj Gupta of HDFC securities.
The Federal Reserve’s substantial price lower of fifty bps final week, together with considerations about additional weakening within the labor market and a revised dot plot, elevated the probability of further cuts, offering extra upside potential for gold.
Manav Modi, Senior Analyst, Commodity Analysis at Motilal Oswal, famous that “preliminary manufacturing PMI numbers had been reported decrease than estimates in main economies. US shopper confidence information was additionally reported decrease at 97 v/s expectations of 103.9 supporting the rally in bullion.”
A number of Fed officers expressed assist for the financial institution’s latest 50 bps lower however anticipated a slower tempo of cuts within the coming months. With Governor Powell and greater than 9 different Fed officers scheduled to talk this week, any change in tone from the latest Fed assembly might result in worth volatility, in keeping with Modi.
The US Greenback Index (DXY) was buying and selling close to 100.28, experiencing a decline of 10.19 or 0.19% at present.
Tensions within the Center East have escalated between Hezbollah and Israel. Hezbollah confirmed that Israel had focused and killed Ibrahim Qobeissi, one in all its high commanders, in an air strike that shook the southern suburbs of Beirut.
In keeping with Modi, additional escalation and updates on the scenario might doubtlessly improve the secure haven enchantment of gold and silver costs.
“The each day chart of MCX Gold October futures reveals a sturdy uptrend, with costs transferring above an ascending trendline and persistently forming greater highs and better lows. A bullish engulfing candlestick sample has emerged, signaling continued bullish momentum. The worth can also be buying and selling above the 21-day Exponential Transferring Common (EMA), highlighting the continuing upward development. Moreover, the RSI reveals optimistic divergence, reinforcing the bullish outlook. Key resistance ranges are positioned at 75,500 and 75,700, whereas essential assist zones are marked at 74,730 and 74,440,” stated Neha Qureshi, Senior Technical & By-product Analyst, Anand Rathi Commodities & Currencies.
Neha Qureshi suggests the next intraday buying and selling technique:
* Purchase MCX October gold futures at Rs 75,000 with a cease lack of Rs 74,700 and a worth goal of Rs 75,500
* Purchase MCX December silver futures at Rs 92,400 with a cease lack of Rs 91,000 and a worth goal of Rs 95,000
