Gold MCX Tips Today – Gold 50300 To 50719 = 400 Points Up – Paid Members Enjoy

Gold MCX Tips Today – MCX Gold 50300 To 50719 = 400 Points Up – Paid Members Enjoy

Gold prices rose by Rs 85 to Rs 50,498 per 10 gram in the Mumbai retail market on rupee depreciation and tepid global cues on October 5.

The precious metal is trading flat tracking weak US Dollar amid the signs of progress in US President Donald Trump’s health.

Market uncertainty over US stimulus and surging coronavirus cases has kept premium high in bullion prices.

The rate of 10 gram 22-carat gold in Mumbai was Rs 46,256 plus 3 percent GST, while 24-carat 10 gram was Rs 50,498 plus GST. The 18-carat gold quoted at Rs 37,874 plus GST in the retail market.

Spot gold was trading up $6.46 at $1,904.76 an ounce at 1224 GMT in London trading.

Gold holdings in SPDR ETF rose to 1,275.60 tonnes last week. 

The CFTC data showed that money managers cut net long position to 16 week low by 2,136 lots last week from 128,953.

MCX iCOMDEX Bullion Index was down 56.05 points, or 0.36 percent, at 15,417.73 at 17:36. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

Gold prices were steady around $1,900 level, amid political uncertainty stoked by US President Donald Trump’s health after he tested positive for COVID-19 last week. Doctors treating Trump for COVID-19 sent conflicting signals about the severity of his condition.

Brexit is again making it to the headlines as there is a lot of debate going regarding the transition period, PM Boris Johnson said he does not particularly wish for the Brexit transition period to end without a new trade deal in place but believes that Britain could live with such an outcome,” said Navneet Damani, vice president, Motilal Oswal. 

On the data front, US jobs were reported lower than expected hence giving some support to the metal.

Market participants today will focus on the service PMI number from the major economies and better-than-expected number could put pressure on gold prices. The broader trend on COMEX could be in the range of $1,880- 1,915 and on domestic front, prices could hover in the range of Rs 50,000-50,550.

“COMEX gold trades marginally lower near $1,904/oz gaining from lows hit in the early session. Supporting price is the weakness in the US dollar trading lower by 0.24 percent, mixed economic data from major economies, rising virus cases and ETF inflows. Gold may continue to hold firm unless there is more clarity on the US stimulus package and health of President Trump,” said Ravindra Rao, VP-Head, commodity research at Kotak Securities.

The gold/silver ratio currently stands at 84. to 1, which means the amount of silver required to buy one ounce of gold. The decrease in ratio indicates that silver has outperformed gold.

Silver prices soared Rs 847 to Rs 60,111 per kg from its closing on October 1.

In the futures market, the gold rate touched an intraday high of Rs 50,380 and an intraday low of Rs 50,030 on the Multi-Commodity Exchange (MCX). For the December series, the yellow metal touched a low of Rs 48,384 and a high of Rs 56,379.

Gold futures for December delivery declined Rs 190, or 0.38 percent, at Rs 50,380 per 10 gram in evening trade on a business turnover of 15,541 lots. The same for February slipped Rs 258, or 0.51 percent, at Rs 50,425 on a business turnover of 625 lots.

The value of the December and February’s contracts traded so far is Rs 2,836.35 crore and Rs 45.29 crore, respectively.

Similarly, Gold Mini contract for November edged lower by Rs 174, or 0.34 percent to Rs 50,485 on a business turnover of 10,679 lots.

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Gold MCX Tips Today – Gold 50300 To 50719 = 400 Points Up – Paid Members Enjoy via @goldsilverrepor
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