Last Updated : Oct 01, 2020 10:18 AM IST | Source:

Gold price today: Yellow metal trade flat; resistance placed at Rs 50,500

Experts are of the view that the next resistance level for the yellow metal is placed at Rs 50500-50660 per 10 gm.

India Gold MCX December Futures rose marginally on Thursday following the positive trend seen in the international markets. Experts are of the view that the next resistance level for the yellow metal is placed at Rs 50500-50660 per 10 gm.

On the Multi-Commodity Exchange (MCX), December gold contracts were trading flat at Rs 50,360 per 10 gram at 0920 hours. December silver futures were trading 0.3 percent higher at Rs 60,099 per kg.

Gold and silver tumbled on Wednesday amid delays in passing a second stimulus of $2.2 trillion in the house and disappointment from the first presidential debate between Trump and Biden triggered profit-taking in both the precious metals.


Upbeat US ADP non-farm employment change and pending home sales data also triggered selling in both the precious metals. However, contraction of 31.4 percent in the US second-quarter GDP supports prices at lower levels.

Gold slipped 0.40 percent and settled at $1895.50 per troy ounce and silver plunged 3.89 percent and settled at $23.49 per troy ounce at Comex division. India Gold settled at 50334 per 10 gram, and silver settled at 59919 per one kilogram.

“Weakness in the dollar index after the US presidential debate and record contractions in second-quarter GDP data in the United States by 31.4% supports prices at lower levels,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“We expect both the precious metals remain volatile and support is expected at lower levels again. Gold is expected to take support around $1878 per troy ounce and it could test its resistance levels of $1900-1908 per troy ounce again,” he said.

Jain is of the view that Gold has strong support at Rs 50,000 levels and if prices sustain above 50330, it could test its resistance levels of Rs 50500-50660 again. We suggest avoiding short sell at lower levels in today's session.

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Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International bullion ended lower on Wednesday tracking the strength of the U.S. Dollar. Investors digested the presidential debate between U.S. President Donald Trump and Democrat Joe Biden which ended early Wednesday in Asia giving neither candidate a decisive advantage.

The downside in bullion was capped amid hopes of passage of the stimulus bill after U.S. House Speaker Nancy Pelosi spoke with Treasury Secretary Steve Mnuchin.

However, we would have to wait and watch whether the bill would be passed by Congress in its current form before the Nov. 3 presidential elections.

Technically, MCX Gold December will continue its Bearish pressure below 65-Days Moving Average which is placed at Rs 50770 levels. Support holds at Rs 50150-49850 levels. Resistance is at Rs 50500-50750 levels.

CX Silver December contract is trading below Rs 60000 levels with more than 4% loss a single day indicating to continue its Bearish sentiment once again up to 59200-58600 levels. Resistance is at 61300-62290 levels.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

COMEX gold trades mixed above $1890/oz after a 0.4% decline yesterday. Gold trades mixed as support from the weaker US dollar is countered by gains in the equity market and lack of ETF buying.

Gold has retreated after testing the $1900/oz level and while choppy trade is likely the general weakness in US dollar may continue to support the gold price.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.
First Published on Oct 1, 2020 10:17 am