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Gold price today: Yellow metal trades flat, may face resistance near Rs 50,800

Experts are of the view that the buy-on-dip strategy will work on September 30. On the upside, crucial resistance is placed at 50,800-50,920.

September 30, 2020 / 09:07 PM IST

Gold was trading flat on September 30, tracking the muted trend in international spot prices as investors waited for key takeaways from the first US presidential debate.

US President Donald Trump and his Democratic rival Joe Biden were clashing as the first presidential debate was off to an acrimonious start.

On the Multi-Commodity Exchange (MCX), October gold contracts were trading flat at Rs 50,681 per 10 gram at 0920 hours. December silver futures were trading 1.8 percent lower at Rs 61,337 per kg.

Spot gold slipped and was trading at $1,896.03 per ounce, having earlier hit a one-week high of $1,899.12.

Gold & Silver Rates Yesterday

Thursday, 30th March, 2023

Gold Rate in Mumbai Yesterday

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Thursday, 30th March, 2023

Silver Rate in Mumbai Yesterday

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Experts are of the view that the buy-on-dip strategy will work on September 30. On the upside, crucial resistance is placed at 50,800-50,920 levels.

Gold and silver extended gains on September 29 amid weakness in the dollar index and hope of a second stimulus from the US Federal Reserve.

The dollar index slipped from its two months peak and slipped below 94-mark. The US House will probably vote for the second stimulus of $2.2 trillion this week to support the economy, which is struggling from the pandemic.

Gold gained over 1 percent and settled at $1903.20 per troy ounce and silver was up 3.56 percent at $24.44 per troy ounce.

Domestic markets also settled on a positive note and gold gained over a percent and settled at Rs 50,652 per 10 gram.

Ahead of the first presidential debate, profit-taking was seen in the dollar, and support was seen in the precious metals, experts said.

“We expect both the precious metals to remain volatile in today's session and expected to hold lower-level supports. Any dip in the prices will be again an opportunity to buy. Gold is having support at $1,884-1,874 per troy ounce and resistance at $1,914-1,930 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“At MCX, gold is having support at Rs 50,330-50200 and resistance at Rs 50,800-50920 levels. Silver has support at Rs 61,800-61,200 levels and resistance at Rs 63,100-63,800 levels. Buy-on-dip strategy will work in today's session,” he said.

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Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International bullion ended with gains on September 29, tracking the fall in the dollar and hopes of stimulus from the US.The dollar crashed from near two-month highs, as investors capitalised on recent gains in the greenback and cautiously looked ahead to the first presidential debate.

Domestic gold and silver rose, tracking firm overseas prices. Domestic bullion could trade flat on September 30 morning, tracking international prices.

Technically, the MCX October gold contract has given a breakout above Rs 50,500, with an increase in volume activities indicating upside momentum up to Rs 50,900-51100 levels, where support holds at Rs 50,300-50050.

MCX December silver contract is sustaining well above 60,000, indicating that the bullish sentiment will continue up to Rs 63,300-65200 levels. Support is at Rs 61300-59,500.

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

The Comex gold was trading mixed near $1895/oz after a 1.1 percent gain the previous day. Supporting gold price is the correction in the dollar index. ETF investors, however, moved to the sidelines, indicating a lack of buying interest.

Gold was trading near the key $1,900-1910/oz level and while the overall outlook seems positive, choppy trade is likely with a market focus on the US presidential debate, US fiscal stimulus talks and economic indicators like ADP jobs report, GDP, etc.

Hareesh V, Head of Commodity Research at Geojit

Gold is likely to be choppy ahead of the first US presidential election debate. Even though a strong dollar and optimism over the COVID vaccine are weighing on the safe-haven demand of gold, increasing US-China tensions and hopes of fiscal stimulus measures continue to offer lower-level support to the commodity.

Technical Outlook (London spot): If prices hold the support of $1,840, we can expect a rebound but it needs to break $1,920 to continue the momentum. An unexpected drop below $1,820 would extend further selling pressure later.

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.

Kshitij Anand
Kshitij Anand is the Editor Markets at Moneycontrol.