Gold price today: Go long on dips with a target of Rs 38,660/10 gm

Gold prices in India saw a muted opening in futures trade on October 10, but international prices scaled a one-week peak as hopes of progress in the ongoing Sino-US trade talks fade.

Spot gold rose 0.4 percent to $1,511.24 per ounce in early trade.

December futures for the yellow metal traded at Rs 38,461 per 10 gram, down Rs 36, or 0.09 percent, on the MCX around 1515 hours IST.

Both gold and silver prices closed positive on October 9. Gold December futures closed Rs 114 higher at Rs 38,497 per 10 gram.

US-China trade talks keep precious metals volatile, but gold gained on news of Turkey launching airstrikes on Syria, suggest experts. Investors can use the dips to buy gold for a target of Rs 38,660-38,800/10 gram, with a stop loss of Rs 38,200/10 gram, an analyst said.

“Gold is holding $1,500 per troy ounce and silver $17.40/oz. Ahead of US-China trade talks, which start today, markets will remain volatile. Any dip in prices to around Rs 38,330-38,350/10 gm levels will be an opportunity to go long with a stop loss of Rs 38,200. If it sustain above Rs 38,500 levels it could test targets of Rs 38,660-38,800/10 gm,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

Jain added that any dips in silver towards Rs 45,700/kg will be an opportunity to buy again with a stop loss of Rs 45,400. "If prices sustain above Rs 46,000/kg, then it could test targets of Rs 46,200-46,500."