Gold Price Today: Yellow metal snaps its 5-day losing streak; analyst sees buying opportunity in bullion futures

Gold futures had a muted start on MCX on Friday after snapping a five-day losing streak on Thursday. At 9:25 am, the April gold futures were trading at Rs 55,310 per 10 grams and were trading almost flat from the previous closing price. Meanwhile, May silver futures were trading at Rs 61,588 per kg and were down by nearly Rs 400 or 0.64% around this time.

"Gold prices snapped a 5-day losing streak in the last session after a surprise weak Jobless data print dragged the Dollar index lower from 3 months high which lifted bullion prices higher," Deveya Gaglani, Research Analyst - Commodities at Axis Securities said.



“Gold price has been under pressure for the past month due to a possible hawkish stance that is likely to be taken by Fed Chair Jerome Powell in the next Federal Open Market Committee Meeting (FOMC) scheduled later this month,” Gaglani said, adding that this has dented yellow metal's appeal.

"Investors are awaiting non-farm payroll data which is due in the evening to take the cues from FED regarding the rate hike outlook. Gold prices are highly sensitive to interest rate hikes," he added.

“In Comex, if gold bulls break and sustain above the USD 1,850 level then it may move higher up to USD 1,900 or else it will trade in a range between USD 1,780 and USD 1,850 level,” the Axis Securities expert said.

Marc Despallieres, Chief Strategy and Trading Officer at Vantage, said that gold regained strength on Thursday, printing the biggest daily gains on 0.95% in the week with softer US treasury bond yield. He added that investors are likely to remain cautious ahead of the important non-farm payroll data.

“The XAUUSD managed to rebound from USD 1,812 to USD 1,830 mark during thursday's trading session,” Despallieres highlighted.

XAUUSD is a symbol that indicates how many US dollars a trader would require to buy an ounce of gold.

Gold Rate in Different Cities in India

	Standard Gold (22 Carat)		Pure Gold (24 Carat)
City Name	1 gram	8 grams	1 gram	8 grams
Ahmedabad	₹5,205	₹41,640	₹5,509	₹44,072
Delhi	₹5,438	₹43,504	₹5,752	₹46,016
Chandigarh	₹5,472	₹43,776	₹5,786	₹46,288
Mumbai	₹5,257	₹42,056	₹5,556	₹44,448
Pune	₹5,280	₹42,240	₹5,576	₹44,608
Kolkata	₹5,484	₹43,872	₹5,812	₹46,496
Ranchi	₹5,434	₹43,472	₹5,758	₹46,064
Jaipur	₹5,247	₹41,976	₹5,541	₹44,328
Hyderabad	₹5,262	₹42,096	₹5,559	₹44,472
Chennai	₹5,259	₹42,072	₹5,568	₹44,544
Bangalore	₹5,232	₹41,856	₹5,523	₹44,184
Kerala	₹5,248	₹41,984	₹5,544	₹44,352
Trivandrum	₹5,248	₹41,984	₹5,548	₹44,384
Coimbatore	₹5,118	₹40,944	₹5,555	₹44,440
Vijayawada	₹5,222	₹41,776	₹5,650	₹45,200
Vizag	₹5,276	₹42,208	₹5,636	₹45,088
Patna	₹5,483	₹43,864	₹5,732	₹45,856
Kochi	₹5,124	₹40,992	₹5,539	₹44,312
Surat	₹5,089	₹40,712	₹5,519	₹44,152
Noida	₹5,160	₹41,280	₹5,556	₹44,448
Baroda	₹5,341	₹42,728	₹5,718	₹45,744
Bhubaneswar	₹5,121	₹40,968	₹5,547	₹44,376
Lucknow	₹5,138	₹41,104	₹5,570	₹44,560
Kanpur	₹5,095	₹40,760	₹5,543	₹44,344
Madurai	₹5,208	₹41,664	₹5,658	₹45,264
Mangalore	₹5,132	₹41,056	₹5,555	₹44,440
Mysore	₹5,101	₹40,808	₹5,531	₹44,248
Nashik	₹5,147	₹41,176	₹5,558	₹44,464
Vadodara	₹5,432	₹43,456	₹5,809	₹46,472
Ghaziabad	₹5,332	₹42,656	₹5,654	₹45,232
Jamshedpur	₹5,621	₹44,968	₹5,811	₹46,488
Visakhapatnam	₹5,256	₹42,048	₹5,663	₹45,304
Thrissur	₹5,117	₹40,936	₹5,529	₹44,232

Intraday Trading Strategy: Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities

1) Buy MCX April gold futures at Rs 55,100 with a stop loss of Rs 54,850 and target of Rs 55,500.

2) Buy MCX May silver futures at Rs 61,700 with a stop loss of Rs 61,250 and price target of Rs 62,500.

3) Buy March copper futures at Rs 747 with a stop loss of Rs 742 and target of Rs 757.

4) Sell MCX March Crude Oil futures at Rs 6,350 with a stop loss of Rs 6,480 and target of Rs 6,200.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)