Gold Prices Today: Yellow metal to trade lower, support around Rs 50,420–50,180

Representative image

Gold was trading lower in the Indian market on September 13 morning while it remained firm in the international market after hitting near a two-week high in the previous session, helped by a subdued dollar with investors awaiting US inflation data that could provide cues on the Federal Reserve's interest rate hike path.

At 10.07 am, gold contracts were trading 0.48 percent lower on the Multi-Commodity Exchange (MCX) at Rs 50,386 for 10 grams and silver was down 0.85 percent at Rs 57,005 a kilogram.

Spot gold rose 0.1 percent to $1,725.70 per troy ounce in the international market. US gold futures were down 0.2 percent at $1,736.80.

Track Live Gold Prices Here

Trading Strategy

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices advanced sharply on September 12, boosted by a further decline in the dollar index, which hit a two-week low overnight.

A dip in the US treasury yields at the start of the trading week is also positive for the precious metals market. Short covering in the futures markets has been supporting bullion prices.

Gold has support at $1,716-1,702, while resistance is at $1,735-1,744. Silver has support at $19.45-19.18, while resistance is at $19.95-20.15.

In rupee terms gold has support at Rs 50,420–50,180, while resistance is at Rs 50,780–50,940. Silver has support at Rs 56,850-56,120, while resistance is at Rs 57,980–58,510.

Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart

Precious metals prices remained up on September 12 as the dollar index slipped 0.75 percent.

Gold and silver prices rose as India’s CPI rose 7 percent in August against 6.71 percent in the previous month. Higher inflation data in India increases the expectation of higher inflation in the US. Higher inflation supports precious metals prices.

The day trend in bullion may remain down on September 13. Gold has support at Rs 50,300 and resistance at Rs 51,000. Silver has support at Rs 56,000 and resistance at Rs 59,400.

(with agency inputs)

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​