Gold fell on Wednesday as investors continued to book profit after a strong rally over the past two weeks aided by the Israel-Hamas conflict. This was despites some softening in the US bond yields and slippage in the dollar index (DXY).
MCX December gold futures traded in the red on Wednesday at Rs 60,476 per 10 gram, down by Rs 61, or 0.10%. Meanwhile, the December Silver futures were trading at Rs 71,670 per kg, higher by Rs 116 or 0.16%.
On Comex, Gold futures were trading at $1,982.30 per troy ounce on Wednesday, down by $3.80 or 0.19% while Silver futures were at $23.035, higher by $0.081 or 0.350%.
The dollar index was trading at 106.18 against a basket of top six currencies and was up by $0.09 or 0.09% from the last closing.
MCX December Gold futures are trading at 5 month high levels witnessing second consecutive weekly gains over the previous week.
The December gold futures ended at Rs 60,559 per 10 gram on the truncated Tuesday trading session, down by Rs 40 or 0.07% over the Monday closing. The December Silver futures settled at Rs 71,840, lower by Rs 235 or 0.33.
The MCX gold futures have gained by 4.98% or Rs 2,870 per 10 gram on the month-to-date basis while their gains in 2023 stand at 9.91% or Rs 5,453, Analyst Anuj Gupta, Head Commodity & Currency, HDFC Securities said. As for Silver futures, the uptick in October is around 2.60% or Rs 1,813 while the year-to-date gains stand at Rs 3.23% or 2,240 per kg. Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 62,000 per 10 gram while those of 1 kg of Silver is Rs 74,000. Click to know more
Gupta and Qureshi took a contrarian strategy for today’s trade
Intraday Trading Strategy by Anuj Gupta
– Sell MCX December Gold futures at Rs 60,580,with a stop loss of Rs 60,800 and a price target of Rs 60,180
– Sell MCX December Silver futures at Rs 71,900 with a stop loss of Rs 72,180 and a price target of Rs 71,325.
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