Gold Price Today: Key Insights into Gold Rates and Trading Strategies

Thursday, 24 October 2024, 21:09

Gold price today indicates a decline in gold prices due to profit booking in the commodity market. Despite a flat US dollar and lower bond yields, MCX gold rate is experiencing adjustments. Experts provide insights into trading strategies for MCX Gold.
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Gold Price Today: Key Insights into Gold Rates and Trading Strategies

Gold Price Outlook for Today

Gold price today shows a decrease as gold prices slipped in the domestic futures market on the morning of Friday, influenced by profit booking at higher levels. The MCX Gold rate for December 5 expiry decreased by 0.28 percent, trading at ₹78,110 per 10 grams around 9:35 am.

While the dollar index remained flat following the substantial drop of the US currency over the past month, US treasury yields also retreated from their recent peaks. Factors such as geopolitical tensions, expectations of a US Fed rate cut, and uncertainty surrounding the upcoming 2024 US election continue to affect gold prices.

Expert MCX Gold Trade Strategy

Manoj Kumar Jain from Prithvifinmart Commodity Research suggests that for today’s trading, gold has support levels set at $2722-2704 and resistance at $2762-2778 per troy ounce. On the MCX, the expected support lies between ₹78,040-77,800 with resistance noted at ₹78,550-78,800. In terms of silver, support is expected at ₹96,100-95,400 with resistance at ₹97,750-98,600.

  • Buy silver on dips around ₹96,200, targeting ₹97,700 with a stop loss at ₹95,500.

Brokerage firm Angel One highlighted the uncertainty around the US elections, which further supports the gold market. The yellow metal’s status as a hedge against economic and political uncertainty has significantly driven its prices, marking an increase of over 32 percent this year.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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