Gold price today: Yellow metal reclaims 38,000 on Brexit delay, support seen at 37,680

Gold prices rose in domestic futures on October 23 as more clarity on the Brexit issue and the US-China trade war halted risk appetite in the short term.

“International Gold prices were steady on Wednesday, as investors waited for clarity on Brexit confusion after UK lawmakers voted for Prime Minister Boris Johnson’s divorce plan but opposed his tight timetable to complete the legislative process in three days,” said a Reuters report.

Gold December futures climbed by Rs 196 to Rs 38,077 per 10 gram at 15:50 hrs IST. It closed flat at Rs 37,881 on October 22.

Gold and Silver prices traded in a range with negative bias on October 22. Spot gold closed below $1490 and silver closed at $17.52 per troy ounce in the international market.

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At MCX, Gold prices were unable to breach Rs 38,000 levels, and silver prices also slipped after early gains and closed around Rs 45,200 levels.

“After the UK parliament voted against PM Johnson Brexit deal agreement raised worries on Brexit. Gold prices could get support today and expected test $1,496-1,500 again $1,484 act as major support,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

“At MCX prices could test 38,000-38,050 again and 37,680 act as a major support for gold. Silver prices could also show some strength today and could test 45,500-45,600 levels 45,000 act as a major support for Silver,” he said.