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Gold price today: Yellow metal edges up on fall in equities, but stronger rupee caps gains

Experts are of the view that Gold and Silver prices are likely to remain under pressure, and any bounce towards 38000 could be used to create short positions.

October 22, 2019 / 04:49 PM IST

Gold prices saw little gains in domestic futures trade on October 22 as fall in riskier equities raised the appeal of gold as a safe-haven asset.

However, rupee's rise against the US dollar and lacklustre global cues capped the gains for the metal.

Gold December futures climbed marginally by Rs 32 to Rs 37,922 per 10 gram at 1635 hrs.

Gold was largely muted on Tuesday, weighed down by buoyant Asian shares that cheered progress in trade talks between the United States and China, but found support from a lack of clarity in the negotiation details, Reuters reported.

The US President Donald Trump said on Monday that US-China trade talks were making progress, adding to a comment he made on Friday that a trade deal will be signed by the time the Asia-Pacific Economic Cooperation meetings that take place in Chile on November 16-17, said a Reuters report.

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Gold & Silver Rates Oct 25, 2021

Monday, 25th October, 2021

Gold Rate in Mumbai Oct 25, 2021

  • 10g of 24K gold in Mumbai
    48,330
  • 10g of 22K gold in Mumbai
    46,030

Monday, 25th October, 2021

Silver Rate in Mumbai Oct 25, 2021

  • 10g silver in Mumbai
    703
  • 1kg silver in Mumbai
    70,300
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Track live Gold price here

Spot Gold prices hit $1,480 on Monday in the international market after a positive remark from the US President Donald Trump on trade talks with China.

Positive remarks on trade talk and possibility of scraping Chinese tariffs to be levied from December pushed S&P 500 at new high and eased safe-haven buying in gold, suggest experts.

Experts are of the view that Gold and Silver prices are likely to remain under pressure, and any bounce towards 38,000 could be used to create short positions.

“Prices at the domestic market slipped below Rs 38,000 and tested its crucial support of Rs 37,880. We expect gold prices remain in pressure as US-China trade talk is in a good direction,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

“Gold could test 37,800-37,700 in the domestic market. Any bounce towards 38,050 will be an opportunity to short in the domestic market for intraday for the target of 37,800-37,700 with a stop loss of 38,220,” he said.
Kshitij Anand is the Editor Markets at Moneycontrol.

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