Gold Futures

Presently, gold is not affected by the traditional drivers. Traders are focusing rather on uncertainties over the US Presidential election outcome and possibility of resurgence of inflation in

US yields and the US Dollar Index surged on no recession talks, which sent the yellow metal to $2547 in today's Asian session.

Spot gold was trading with a loss of around 0.45 per cent at $2,570 at the time of the MCX closing. The MCX October gold contract closed at Rs 73,150 (LTP), down 0.49 per cent.

Spot gold traded with a bearish bias on Tuesday as most of the commodities were under pressure due to the rise of far-right parties in the recently concluded European elections

Gold outlook: Gold continues to see a buying support into the dips around $2,300. Support is at $2,352/$2,325/$2,317

Stock market Update on Thursday, April 04: In the broader markets, the BSE MidCap and SmallCap indices ended mixed with the former down 0.1 per cent but the latter up 0.56 per cent

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,910, Rs 60,810, and Rs 61,420, respectively

Spot gold was down 0.6 per cent at $1,976.60 per ounce, as of 6.48 pm India time, while U.S. gold futures rose 0.5 per cent to $1,983.20

Local gold futures rose to 56,245 rupees ($691.45) per 10 grams, surpassing the previous record of 56,191 rupees hit in August 2020

Gold prices on Thursday increased by Rs 62 to Rs 49,505 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 62 or 0.13 per cent at Rs 49,505 per 10 gram in a business turnover of 7,699 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.49 per cent higher at USD 1,667.50 per ounce in New York.

The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.

The MCX Silver July futures are currently trading below all its key moving averages; similarly, MCX Gold futures need to break above Rs 51,870 for further up move to emerge.

The MCX Gold futures seem to be facing considerable resistance around Rs 52,250 as per the monthly charts. Similarly, the upside for Silver seems likely to be capped around Rs 64,200-64,750 odd levels

The MCX Gold futures may seek near support around Rs 52,040; whereas Silver futures have multiple key support around Rs 65,235 and Rs 64,600.

The MCX Gold futures are likely to face considerable resistance around Rs 53,500-odd levels; MCX Silver futures can test Rs 71,300 on the upside.

Ten gram of 24-carat gold in Chennai is trading at Rs 52,400, while ten grams of 22-carat gold in Chennai is trading at Rs 48,030.

Weighing on gold, the dollar and safe-haven currencies held their gains, while yields on the benchmark US 10-year Treasury note edged higher

Spot gold dropped 1.6% to $1,794.57 per ounce by 1:45 pm EDT (1745 GMT), and was set for its worst day since August 9

Overseas purchases increased more than sevenfold to 98.6 tons last month from 13 tons a year earlier.

On Friday, local gold futures fell to 45,861 rupees per 10 grams, the lowest level since June 2020