Gold price today: Yellow metal recovers, tracking global cues

Gold prices gained in futures trades participants made fresh bets, tracking global cues.

US stock indexes dipped on Thursday as fresh developments in an inquiry into the impeachment of President Donald Trump offset gains from trade-related optimism fueled by upbeat comments from China, reported Reuters.

A fall in equities helps gold prices as investors try to avoid riskier equities and go for safe-haven assets.

The yellow metal's October futures traded at Rs 37,737 per 10 gram on the MCX, up Rs 135, or 0.36 percent, around 2055 hours.

Meanwhile, Silver tested a low of Rs 46,483 per kg from the intraday high of Rs 48,320 and closed at Rs 46,785.

MCX Silver December futures traded at Rs 46,487 per kg, down Rs 298, or 0.64 percent, around 2055 hours.

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Gold and Silver prices crashed in the evening session in the previous session after a statement of US President Donald Trump as the US will reach a trade deal with China before the expected time.

Gold and Silver crashed in the evening session yesterday after US  President Donald Trump said the trade deal with China could happen sooner than expected.

After his statement Dollar index gained around 1 percent. Gold prices slipped around 2 percent and spot Gold in international market testED $1,500 per troy ounce while Silver prices corrected around 3 percent and tested $17.85 an ounce in international market.

Gold and Silver prices also came in pressure after better-than-expected US new home sales data as new homes sales were reported at 7,13,000 against expectations of 6,60,000.

"After a sharp correction, we expect Gold and Silver prices TO remain volatile today. Gold has support at $1,500/Rs 37,480, if IT slips below then further downside expected towards $1,492/Rs 37,300. Resistance is seen at $1,520/Rs 37,800," Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited, told Moneycontrol.

Jain said Silver has support at $17.80/Rs 46,200. A  downside towards $17.50/Rs 45,800 can be expected if price breaches support. "Resistance is at $18.30/Rs 47,200-47,500."