MCX gold at 3-week-high

MCX gold prices gave a gap up opening in Thursday's session.

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

Gold prices were trading marginally higher in Thursday morning trade with the US gold futures trading 0.1% up. The marginal gain was on the back of a weak dollar, which boosted investors’ appetite for greenback-denominated commodities.
However, the rally was capped by fears that the US Federal Reserve may vote for a rise in interest rates soon.

The fear arose after New York Fed President John Williams, on Tuesday, said that the central bank should expect to continue raising interest rates “over the next year or so” even while it pays close attention to possible risks highlighted by financial markets, media reports showed.
Gold Price Update
COMEX Gold Price (Prev. Close) $1,243.70
% Change -0.23
Gold price in India today (per 10 gms) Rs31,255
% Change 0.58
Source: IIFL Research

Meanwhile, MCX gold gave a gap up opening in Thursday’s session with momentum indicator RSI going above the 60-mark on the hourly charts, indicating strong momentum in prices. Strong resistance for MCX gold was seen at Rs31,150 earlier, which has been taken out in Thursday’s trade with a gap, suggesting a strong bullish move in MCX gold prices. Going forward, a dip can be used as a buying opportunity for an upside target of Rs31,500-levels.

Gold Rates: Spot & Futures
Date Spot Price (Rs) Futures Price (Rs)
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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