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Gold rate today: Yellow metal marginally gains, silver declines

Gold rate today: Yellow metal marginally gains, silver declines

08 Oct 2021

NEW DELHI: Gold prices edged higher on Friday but were stuck in a narrow range. Investors moved to the sidelines ahead of a US payrolls report that is expected to provide clues on the Federal Reserve’s tapering timeline.

Gold futures on MCX were higher 0.16 per cent, or Rs 75, at Rs 46,902 per 10 gram. On the other hand, silver futures eased 0.42 per cent, or Rs 258, at Rs 61,000 per kg.

The dollar index held steady below recent highs. A stronger dollar makes gold more expensive for holders of other currencies.

Reduced stimulus and higher interest rates lift bond yields, translating into increased opportunity costs of holding bullion that pays no interest.

Ravi Singh, Vice President & Head of Research, ShareIndia, said, “Gold closed yesterday on a slightly negative note. On MCX, gold may remain range-bound with a bias towards the buying side.”

In the spot market, highest purity gold was sold at Rs 46,845 per 10 gram while silver was priced at Rs 60,584 per kg on Thursday, according to the Indian Bullion and Jewellers Association.

The spot price of the yellow metal has gained over Rs 1,050 in the last one week, whereas Silver has soared about Rs 3,300 per kg during the period under review.

Sandeep Matta, Founder, TRADEIT Investment Advisor said, Gold is trading mildly negative ahead of the US employment report. Market participants are advised to limit their trading positions and follow key pivotal levels both sides actively.

Trading strategy
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,740 and resistance at $1,770 per ounce. MCX Gold December support lies at Rs 46,600 and resistance at Rs 47,100 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets
Spot gold rose 0.2% to $1,759.34 per ounce by 0320 GMT, trading in the range of $1,760.43-$1,752.27. US gold futures were flat at $1,760.10.

Spot silver fell 0.4% to $22.48 per ounce. Platinum rose 0.5% to $983.87 and was up 1.2% for the week. Palladium eased 0.2% to $1,956.17 but was headed for a weekly gain after declining for four.