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Gold price trading flat; silver rates at Rs 61,700

BusinessToday.In     October 6, 2020

Gold, Silver prices in India on October 6: Gold steadied from fall in the previous session and traded flat on Tuesday, near the key psychological level of Rs 50K.

On MCX, Gold prices traded flat at Rs 50,600 today, over its previous close of Rs 50,460 per 10 gm. Gold futures today hit an intraday high and low of Rs 50,630 and Rs 50,460, respectively.

Silver September Futures traded Rs 61 lower at Rs 61,880 per kg today after they touched an intraday low of Rs 61,700 per kg. Silver Futures hit a lifetime high of Rs 77,949 on August 7.

Despite strong equities, the bullion metal steadied overseas on expectations of a US stimulus bill and weak dollar and positivity around President Trump's health.

Overseas, Spot gold was trading a tad lower at $1,910.68 per ounce, after hit $1,918.36 on Monday, highest since Sept. 22. U.S. gold futures were down 0.2% at $1,917, while Comex gold gained to $1,912 per ounce in the last session and traded flat today. On the other hand, silver fell 0.4% to $24.26 per ounce.

Gold futures have hit a record peak of $2,072.50 in August 2020.

On Monday, Spot Gold gained over 0.75 per cent to close at $1912.9 per ounce and Spot silver ended higher by 2.7 per cent to close at $24.4 per ounce.

Progress on fresh stimulus caused dollar index to fall 0.1% against rivals making the bullion cheaper for other currency holders.

On the retail front, physical 24-carat bullion per 10 gram in the national capital gained to Rs 53,360. Price of 24-carat gold stood at Rs 52,390 per 10 gram in Chennai. In Mumbai and Kolkata, the rate for 24-Carat gold gained to Rs 49,990 and 52,300, respectively.

On Gold's near term outlook, Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said, "As expected yesterday gold prices increased by 0.11% and closed at 50,626 levels and silver increased by 1.30% and closed at 61,941 levels. Weakness in dollar supports the gold and silver prices as a safe haven investment. The expectation of package for the US Economy and recovery of Mr Trump from coronavirus also give a boost to the major commodities like base metal and crude oil."

Expressing views on the gold's technical outlook, he added,"As for today traders can go for buy-in gold at Rs 50,300 levels with the stop loss of Rs 50,000 levels for the target of 51,200 levels. They can also go for buy-in Silver at Rs 61,700 levels, with the stop loss of 61,000 levels and for the target of 63,300 levels."

Worldwide, there were 357 lakh confirmed cases and 10.45 lakh deaths from the COVID-19 outbreak. India's COVID-19 caseload was at 66-lakh mark and the death toll from COVID-19 infections rose to 10.3 lakh, as of today.

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