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Last Updated : Sep 25, 2019 08:26 PM IST | Source: Moneycontrol.com

Gold price today: Yellow metal slips on fall in spot demand, weak global trend

"We expect gold prices remain firm and could buy around 38,000 levels with stoploss of Rs 37,840 for the target of Rs 38,330," Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited told Moneycontrol.

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Gold slipped in the red after trading with gains for most part of the day in futures trade on September 25, tracking muted spot demand by jewellers at spot markets and weak global trend.

Gold prices had advanced as equity market declined after political uncertainty in the US after lawmakers launched a formal impeachment inquiry into President Donald Trump, while fears of US growth concerns also supported gold prices.

The MCX October gold futures traded at Rs 37,998 per 10 gram, down Rs 110 or 0.29 percent at 2020 hours IST.

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In the previous session, MCX prices crossed crucial resistance of 38,050 and made a high of 38,190 before settled higher at 38,128 per 10 gram.

Gold prices gained around 0.50 percent in international markets and spot gold closed around $1,533 per troy ounce.

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Gold was trading sideways in the earlier trading session but prices got support after the US consumer confidence data had been released in the evening. The US consumer confidence slipped to 125.1 against expectations of 134.1.

Richmond manufacturing index was also below expectations at -9 against expectations of 2. After this data, the dollar index fell below 98, and it supported gold prices.

"We expect gold prices remain firm and could buy around 38,000 levels with stoploss of Rs 37,840 for the target of Rs 38,330," Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited,old Moneycontrol.

At MCX, December silver futures traded at Rs 47,775 per kg, down Rs 247 or 0.51 percent at 2020 hours IST.

Silver settled flat at Rs 48,048 per kg in the previous session. Prices were down around 2 percent after the session but showed strong comeback after the US data released in evening.

"We expect silver prices to hold support of Rs 47,500 on a closing basis. Silver can buy around Rs 47,500 with stoploss of Rs 47,200 for target of Rs 48,400," Jain said.

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First Published on Sep 25, 2019 09:45 am
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