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Gold Rate Today: Gold prices in India steady despite dollar uptick. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities

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MCX Gold traded in the green in the opening trade on Friday despite weakness in the international prices. The domestic yellow metal prices were up, aided by the uptick in greenback which made dollar-priced commodities expensive.

The MCX October gold futures were trading up by Rs 106 or 0.18% from the Thursday closing price at Rs 58,694 per 10 gram on the MCX while the December Silver futures were trading at Rs 71,433 per kg, higher by Rs 451 or 0.64%.

Dollar Index (DXY) crossed the 105 mark on Thursday against the basket of six top currencies taking sheen away from the yellow metal.

On Comex, gold futures were trading at $1,930 per troy ounce on Friday, down by $1.70 or 0.09% while Silver futures were at $23,030, lower by $0.151 or 0.650%.

The rates were down as the dollar movement has an inverse relationship with the price movement in gold.

Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking sees bullions making bottom on the daily charts and trading near the demand zone with momentum Indicator RSI indicating the same.

His advice to traders is to make fresh buy positions in gold and silver futures near the given support level at Rs 58,500-58,300 while keeping the stop loss near the support levels and booking profit near the resistance of Rs 58,800-59,000.Analyst Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said that the daily chart of October gold futures suggests that the yellow metal was trading below the 50 and 100-day Exponential Moving Averages (EMA) while retaining the crucial Rs 58,300 level.

« If it does break below this level, we can expect further downward movement. The Relative Strength Index (RSI) indicator is showing a pattern of lower highs, which indicates a potential move to the downside, » she said.

She sees resistance at Rs 59,000-59,400 while support at Rs 58,275-57,900.

Gold futures are down 1.32% or by Rs 786 on the month-to-date basis while they have gained 6.49% or by Rs 3,571 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities, of HDFC Securities told ETMarkets.

As for silver futures, the declines are to the tune of 6.21% or Rs 4,700 in September while the gains this year stand at 2.26% or Rs 1,569, he said.

The physical price of gold in top Indian cities like Delhi and Ahmedabad is around Rs 59,300 per 10 gram while Rs 72.00 for silver.

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Intraday Trading Strategy by Anuj Gupta

– Sell MCX October Gold futures at Rs 58,575 with a stop loss of Rs 58,350 and a price target of Rs 58,900.

– Sell MCX December Silver futures at Rs 70,850 with a stop loss of Rs 70,080 and a price target of Rs 72,300.

Intraday Trading Strategy by Neha Qureshi

Intraday Trading Strategy

– Buy MCX October Gold futures at Rs 58,650 with a stop loss of Rs 58,300 and a price target of Rs 59,200.

– Buy MCX December Silver futures at Rs 71,200 with a stop loss of Rs 70,200 and a price target of Rs 73,200.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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