Gold prices marginally lower ahead of US non-farm data

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.

Dec 07, 2018 06:12 IST India Infoline News Service

Gold prices were trading marginally lower in Friday morning trade amid caution ahead of the US non-farm payrolls report. A weaker-than-expected non-farm payroll data will keep gold prices up.

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.
 
Gold Price Update
COMEX Gold Price (Prev. Close) $1,242.75
% Change -0.08
Gold price in India today (per 10 gms) Rs31,057
% Change -0.10
(Source: IIFL Research)

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.

Gold Rates (Spot & Futures)
Date Spot Price (Rs) Futures Price (Rs)
5-Dec-18 31,097.00 31,089.00
5-Dec-18 30,820.00 31,075.00
4-Dec-18 30,825.00 31,106.00
3-Dec-18 30,526.00 30,889.00
30-Nov-18 30,269.00 30,240.00
29-Nov-18 30,375.00 30,204.00
28-Nov-18 30,418.00 30,434.00
27-Nov-18 30,648.00 30,402.00
26-Nov-18 30,669.00 30,547.00
22-Nov-18 30,903.00 30,609.00
21-Nov-18 30,810.00 30,825.00
20-Nov-18 30,865.00 30,814.00
19-Nov-18 30,966.00 30,879.00
16-Nov-18 30,864.00 31,007.00
15-Nov-18 30,975.00 30821.00
14-Nov-18 30,763.00 30,846.00
13-Nov-18 31,007.00 30,770.00
12-Nov-18 31,206.00 31,013.00
09-Nov-18 31773.00 31,016.00
06-Nov-18 31,662.00 31,646.00
05-Nov-18 31,757.00 31,702.00
02-Nov-18 31,622.00 31,750.00
01-Nov-18 31,723.00 31,892.00
(Source: mcxindia, IIFL Research)

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