Gold price today: Yellow metal inches up after an uptick in spot demand

Gold prices inched up in domestic futures trade on October 11, taking support from an uptick in demand by jewellers at spot markets.

The rupee pared gains against the US dollar which also gave a leg up to gold prices.

However, a positive equity market kept the gains for gold restricted.

December futures for the yellow metal traded at Rs 38,175 per 10 gram, up Rs 16, or 0.04 percent, on the MCX around 1510 hours IST.

Gold prices in India fell over Rs 100 in the morning trade on October 11 after media reports suggested that China had wanted to reach an agreement with the US to avoid further escalation of an ongoing trade row.

Gold and Silver prices slipped on October 10 amid expectations of a possible trade deal between US-china, and US jobless claims fell to 210K against expectations of 215K.

December futures closed 338 lower at Rs 38,159 per 10 gram on October 10. Experts feel that the gold could find support near Rs 37,800 and silver may find support at Rs 44,800-46,000.

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Spot Gold prices in international market test crucial support of $1,492 and silver prices also slipped below $17.50 per troy ounce on October 10.

“Hope of possible trade deal pushed global equities up and precious metals turn negative. The soft dollar also not able to support both the precious metals,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

“Silver prices also slipped below 45500 but managed to hold 45000 levels. Ahead of the final outcome of the US-China trade deal, the market will remain very highly volatile and will trade in both the direction,” he said.

Jain further added that any adverse news could support prices again. We expect gold to trade in the range of Rs 37,800-38,500, and silver may trade-in price range of Rs 44,800-46,000 on October 11.

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