Gold Price Today: Gold Trades Flat; Buy for Target 48280

Gold Price Today: India Gold MCX December futures trade flat-to-higher on Thursday following positive trend seen in the international spot prices which were supported by a pullback in U.S. bond yields.

Gold Price Today: Gold Trades Flat

Gold Price Today: Investors looked forward to key central bank meetings for clues on whether they would consider tightening monetary policy earlier than thought, said a Reuters report. Benchmark 10-year U.S. Treasury yields steadied close to a two-week trough, decreasing the opportunity cost of holding non-yielding bullion, added the report.

On the Multi-Commodity Exchange (MCX), the December gold contracts were trading 0.03 percent higher at Rs 47,978 per 10 grams at 0930 hours. The December silver futures were trading 0.41 percent lower at Rs 64,896 a kilogram.

Silver and gold price today recovered from their lows on Wednesday after weakness in the dollar and benchmark 10-year bond yields in the United States. Both the precious metals were settled on a positive note in the international markets. Gold December futures contract settled at $1798.80 per troy ounce, and silver December futures contract settled at $24.19 per troy ounce.

Both the precious metals were also settled on a positive note in the domestic markets. Gold and silver gained on Wednesday after Tuesday’s fall amid weakness in the dollar index U.S. bond yields. The benchmark 10-year bond yields fell below 1.55% and supported precious metal prices.

Gold Price Today

“We expect both the precious metals to remain volatile ahead of the U.S. GDP data but continue to hold its support levels. Gold is having support at $1784-1772 per troy ounce and resistance at $1808-1822 per troy ounce; silver is having support at $24.00-23.70 per troy ounce and resistance at $24.55-24.84 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

At MCX, Gold has support at 47800-447660 and resistance at 48180-48440; silver has support at 64800-64550 and resistance at 65660-66100. Jain suggests buying gold around 47800 with a stop loss of 47580 for the target of 48280 and silver around 64800 with a stop loss of 64400 for the target of 66000.

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Gold Price Today: Gold Trades Flat; Buy for Target 48280 via @marketinvestor
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