On Thursday, gold prices on the US futures climbed to a nearly five-month-high on the back of a weak dollar. Investors’ appetite for the greenback-denominated commodity was boosted by expectations of a slowdown in the pace of the US interest rate hikes.
|COMEX Gold Price (Prev. Close)||$1,242.75|
|Gold price in India today (per 10 gms)||Rs31,057|
MCX gold prices opened with a small cut of 25 points. However, 30,850 stands a good support for the precious yellow metal going forward. Once we see a move above 31,150, a sharp move towards 31,300-31,500 can be expected. On the other hand, if MCX gold falls below 31,150-mark, the outlook may turn negative for a downside target of 30,650-levels. Momentum indicator RSI is above the 40-mark on the hourly chart, which indicates that the trend has still not weakened.
|Date||Spot Price (Rs)||Futures Price (Rs)|