Gold trades higher; may witness pullback till Rs 29,800
ETMarkets.com|
Updated: Oct 04, 2017, 11.08 AM IST
Gold and silver were trading higher in morning trade after the US dollar weakened against a basket of currencies.
MCX Gold futures were trading 0.15 per cent, or Rs 45, up at Rs 29,400 per 10 gram around 10.30 am (IST), while MCX Silver futures up 0.43 per cent, or Rs 168, at Rs 39,496 per 1 kg.
According to SMC Investments and Advisors, gold can move in range of Rs 29,400-29,700 per 10 gram while silver can move in range of Rs 39,000-39,700 per 1 kg in near term.
The US dollar on Wednesday slipped by 0.2 per cent against a basket of major currencies after touching its best since mid-August on Tuesday.
According to experts, markets will watch for the more important Non-Farm payrolls data due this week apart from President Donald Trump’s pending decision on the leadership of the Federal Reserve, along with upcoming policy maker speeches and US economic data.
Nirmal Bang Commodities said, “Gold prices are expected to witness a pullback till Rs 29,750-800. One can buy with a stop loss below Rs 29,380. Silver prices are expected to rise. One can buy with a stop loss below Rs 39,000. Prices are expected to test Rs 40,000-40,300.”
On the other hand, domestic equity markets were trading in green ahead of the RBI's monetary policy meet outcome later in the day. The 30-share BSE Sensex was up 165 points, or 0.52 per cent, at 31,662 around 10.35 am (IST), while NSE Nifty index was up 50 points, or 0.51 per cent, at 9,909 at around the same time.
MCX Gold futures were trading 0.15 per cent, or Rs 45, up at Rs 29,400 per 10 gram around 10.30 am (IST), while MCX Silver futures up 0.43 per cent, or Rs 168, at Rs 39,496 per 1 kg.
According to SMC Investments and Advisors, gold can move in range of Rs 29,400-29,700 per 10 gram while silver can move in range of Rs 39,000-39,700 per 1 kg in near term.
The US dollar on Wednesday slipped by 0.2 per cent against a basket of major currencies after touching its best since mid-August on Tuesday.
According to experts, markets will watch for the more important Non-Farm payrolls data due this week apart from President Donald Trump’s pending decision on the leadership of the Federal Reserve, along with upcoming policy maker speeches and US economic data.
Nirmal Bang Commodities said, “Gold prices are expected to witness a pullback till Rs 29,750-800. One can buy with a stop loss below Rs 29,380. Silver prices are expected to rise. One can buy with a stop loss below Rs 39,000. Prices are expected to test Rs 40,000-40,300.”
On the other hand, domestic equity markets were trading in green ahead of the RBI's monetary policy meet outcome later in the day. The 30-share BSE Sensex was up 165 points, or 0.52 per cent, at 31,662 around 10.35 am (IST), while NSE Nifty index was up 50 points, or 0.51 per cent, at 9,909 at around the same time.
