Gold Rate Today, Gold Price in India on October 5, 2023: MCX gold prices ascended on Thursday. On the Multi Commodity Exchange, gold October futures were trading at Rs 56882 per gram, up Rs 161, or 0.28%.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Thursday, while Silver rates also surged 0.73%. On the Multi Commodity Exchange, gold October futures were trading at Rs 56882 per gram, up Rs 161, or 0.28%. Silver December futures were trading up Rs 485 at 67370 per kg on the MCX.
Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as US bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week, according to Reuters. Spot gold rose 0.3% to $1,826.49 per ounce, attempting a rebound from its weakest levels since March touched on Tuesday. US gold futures gained 0.3% to $1,840.90.
Short covering is expected at lower levels
Commenting on the gold movement, Rahul Kalantri, VP Commodities, Mehta Equities, said “Markets witnessed technical selling amid fully bearish near-term charts. Downside corrections in the US dollar index and Treasury yields yesterday failed to aid the precious metal bulls. The dollar index and the US bond yields cooled off after a downbeat US ADP non-farm payroll data but precious metals failed to garner any support. The US ADP non-farm employment data surprised as 89,000 jobs created in the last month against expectations of 1,54,000 Jobs. Gold and silver are in highly oversold zones and short covering is expected at lower levels.”
“Gold has support at $1810-1798 while resistance is at $1838-1850. Silver has support at $20.90-20.76, while resistance is at $21.38-21.52. In INR terms gold has support at Rs 56,180 – 55,910, while resistance is at Rs 56,650 – 56,810. Silver has support at Rs66,100 – 65,450, while resistance is at Rs 67,540 – 68,150,” Rahul Kalantri added.
Traders eye India’s Service PMI, US weekly jobless claims
“Gold price steadied, getting a reprieve after declining in the previous eight consecutive sessions, as US bond yields and the dollar stepped back from highs ahead of a keenly awaited non-farm payrolls report this week. A broad selloff in world government bonds on Wednesday drove up US 30-year Treasury yields to 5% for the first time since 2007 and German 10-year yields to 3%, which could hasten a global slowdown and hurt stocks and corporate bonds. Markets now await the Labor Department’s more comprehensive and closely watched employment report for September on Friday,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.
“The US services sector slowed in September as new orders fell to a nine-month low, while the factory orders was reported better than expected capping gains for metals on the higher side. Focus today will be on Services PMI from India, US weekly jobless claims and comments from a few Fed officials,” Manav Modi added.
Source:financialexpress.com