Gold Rate Today: Gold declines on profit booking. Should you buy or sell?

Gold fell on Monday amid profit booking. This was despite the dollar index (DXY) slipping to five week lows. MCX December gold futures were trading at Rs 60,832 per 10 gram, down by Rs 188 or 0.31% from the Friday closing price. Meanwhile, the December silver futures were trading at Rs 72,178 per kg, lower by Rs 74 or 0.10%.

On Comex, gold futures were trading at $1,991.70 per troy ounce on Monday, down by $7.50 or 0.38% while Silver futures were flat at $23.285.

The dollar index was trading flat at 105.04 against a basket of top six currencies.

“Gold prices are trading steady around Rs 61,000, supported by a weaker dollar and treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in gold were limited by increased risk appetite. As was generally anticipated, the Central Bank kept interest rates unchanged on Wednesday. Markets, however, were pricing in a lower likelihood of any additional rate hikes following remarks made by Fed Chair Jerome Powell, who also noted that financial conditions have significantly tightened in recent months,” Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) said.

The MCX gold futures have gained by 0.13% or Rs 80 per 10 gram on the month-to-date basis while their gains in 2023 stand at 10.91% or Rs 6,003, according to Anuj Gupta, Head Commodity & Currency, HDFC Securities. As for Silver futures, the gains in November is around 0.81% or Rs 583 while the year-to-date gains stand at Rs 4.09% or 2,839 per kg.

Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 61,800 per 10 gram while those of 1 kg of Silver is Rs 74,000.
Click to know moreIntraday Trading Strategy by Anuj Gupta
– Sell MCX December Gold futures at Rs 61,025,with a stop loss of Rs 61,300 and a price target of Rs 60,650

– Buy MCX December Silver futures at Rs 71,850 with a stop loss of Rs 71,345 and a price target of Rs 72,580.

(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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This article was originally published by Indiatimes.com. Read the original article here.