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Gold price today: Yellow metal trades in the green; could face resistance near Rs 50,700-mark

The overall trend remains Bearish as prices are trading below major Moving Averages where 50350-50550 will hold as resistance and support is at 50050-49900 levels.

October 30, 2020 / 10:28 AM IST

India Gold December Futures rose on October 30 tracking firm trend in the international spot prices. Experts are of the view that the yellow metal is likely to hold onto the crucial support near Rs 50,000 while on the higher side, resistance is placed at Rs 50,700 per 10 gm.

On the Multi-Commodity Exchange (MCX), December gold contracts were trading higher by 0.26 percent at Rs 50,415 per 10 gram at 0920 hours. December silver futures were trading 0.57 percent higher at Rs 60,516 per kg.

Gold and silver tumbled in the early trading on October 29 after the dollar index showed further strength and crossed 94 marks during the session.

US GDP also expanded 33 percent in the third quarter of FY 20 and supports the dollar and pushed gold prices lower, but market recovered from their lows after ECB signaled for further easing.

Gold settled at $1868.00 per troy ounce with a loss of 0.60 percent and silver settled at $23.36 per troy ounce with no change in the prices from previous session. Domestic Gold settled with marginal loss in the previous session.

“The dovish outlook is helping gold prices recover from Wednesday sharp selloff. Panic selling has swept through financial markets this week as investors shift their expectations on global growth,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“We expect both the precious metals remain volatile due to extreme volatility in the dollar index and ahead of US Presidential elections. Gold is having support at $1855-1845 per troy ounce and resistance at $1884-1892 per troy ounce,” he said.

Jain further added that he expects lower levels of buying in both the precious metals in Friday's session. Gold has support at 50050-49800 and resistance is placed at 50500-50700 levels. Silver has support at 59500-58800 and resistance at 60600-61300 levels.

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Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices fell on Thursday, hurt by a stronger dollar and lack of clarity on a U.S. stimulus agreement.

Meanwhile, concerns over a spike in COVID-19 cases and uncertainty ahead of U.S. elections capped losses.

The U.S. Dollar found additional support in the U.S. session after the ECB kept interest rates steady but committed to contain the growing fallout from the second wave of coronavirus infections, saying it would take a stance by its December meeting.

Domestic bullion could trade flat this Thursday morning, tracking a subdued start in the overseas prices.

Technically, MCX Gold December sustained above 50000 levels which signify some sideways momentum.

However, the overall trend remains Bearish as prices are trading below major Moving Averages where 50350-50550 will hold as resistance and support is at 50050-49900 levels.

MCX Silver December respected the 58400 support level and moved above 60000 levels indicating a sideways momentum in the coming session. Support is at 59700-58900 & Resistance at 60600-61200 levels.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities

COMEX gold trades 0.51% higher near $1877/oz after a 0.6% decline yesterday when it tested a 1-month low.

Gold trades higher as the US dollar index stalled after testing near 1-month high. Also supporting price is expected of additional measures by ECB.

ETF investors however moved to the sidelines indicating a lack of investor buying. Gold may remain choppy as market players remains non-committal ahead of US elections however general bias may be on the downside unless we see a sharp correction in the US dollar index.

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.