The precious metals were trading mixed today amid volatile global cues in the global markets. Gold futures rose 0.16 per cent on MCX ₹46,900 per 10 grams while silver futures fell 0.4%. In the previous session, gold had fallen 0.13% while silver was up 0.4%. In global markets, gold rates were flat today as investors avoided betting big ahead of the US jobs report due later today. Spot gold held steady at $1,755.83 an ounce. For this week, it is down 0.3%.
Gold has struggled this week as the dollar index settled below a one-year high. A strong dollar makes gold more expensive for holders of other currencies.
Last month, Fed Chairman Jerome Powell indicated that the central band could start reducing monthly asset purchases as early as November, as long as the September jobs report was “decent”.
Lower incentives and higher interest rates raise bond yields, which translates into an increased opportunity cost of holding no-interest bullion.
“gold prices The subsidiary may limit benefits on US personal payroll data. We expect gold price to trade sideways with COMEX spot gold resistance at $1,775 and support at $1,750 per ounce. MCX Gold December support is at Rs. 46700 and resistance at Rs 47100 per 10 grams,” said Tapan Patel – Senior Analyst (Commodity), HDFC Securities.
Meanwhile, the Senate voted to temporarily raise the debt limit, breaking a long-running impasse that had battered markets.
Among other precious metals, spot silver fell 0.4% to $22.48 an ounce, while platinum rose 0.2% to $981.37 an ounce.
“Choppy trade may be seen in commodities as market players re-evaluate market risks and position on reopening Chinese market and US non-farm payrolls data. While the markets have stabilized, the risk appetite is still volatile amid rising risks to the global economy and could remain under pressure on the commodities at large,” Kotak Securities said in a note.
(with agency input)
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