Gold Rate Today: Gold moves up on weaker dollar, silver climbs over 1%
ETMarkets.com|
Jan 15, 2018, 11.18 AM IST
A weakening US dollar today took the precious metal gold to its highest level since November. MCX Gold futures were trading 0.46 per cent up at Rs 29,683 per 10 gram at around 10.20 am (IST).
The American dollar plunged to three-year lows against a basket of currencies. The dollar index has plunged over 3 per cent in the past one month to 90.54 on January 15.
On the further movement of the yellow metal, Angel Commodities said, "We expect gold prices to trade higher, continuing its momentum from the previous trading session, while actions by China to slow down treasury purchases result in a weak dollar, in turn leading to higher commodity prices. Speculative positioning of hedge funds indicates bullishness in the yellow metal as they remain net longs for four consecutive weeks."
White metal silver also traded over 1 per cent higher in morning trade. MCX Silver was up Rs 403 at Rs 39,466 at around the same time.
SMC Investments and Advisors believes that the bullion counter may continue with its last week gains, with a fall in the greenback and a strong euro to support the prices.
US markets are closed on Monday for Martin Luther king holiday.
"Gold can move in the range of Rs 29,400-29,800 while silver can move in a range of Rs 39,000-39,700 in the near term," SMC said.
The American dollar plunged to three-year lows against a basket of currencies. The dollar index has plunged over 3 per cent in the past one month to 90.54 on January 15.
On the further movement of the yellow metal, Angel Commodities said, "We expect gold prices to trade higher, continuing its momentum from the previous trading session, while actions by China to slow down treasury purchases result in a weak dollar, in turn leading to higher commodity prices. Speculative positioning of hedge funds indicates bullishness in the yellow metal as they remain net longs for four consecutive weeks."
White metal silver also traded over 1 per cent higher in morning trade. MCX Silver was up Rs 403 at Rs 39,466 at around the same time.
SMC Investments and Advisors believes that the bullion counter may continue with its last week gains, with a fall in the greenback and a strong euro to support the prices.
US markets are closed on Monday for Martin Luther king holiday.
"Gold can move in the range of Rs 29,400-29,800 while silver can move in a range of Rs 39,000-39,700 in the near term," SMC said.
