Gold price today: Gold rates declined in the domestic futures market on Wednesday (September 10) morning on profit booking at higher levels amid fresh hopes of an imminent India-US trade deal. MCX Gold October futures were 0.24 per cent down at ₹1,08,775 per 10 grams around 9:25 am. However, MCX Silver December futures were 0.34 per cent up at ₹1,24,886 per kg at that time.
US President Donald Trump’s latest update on India-US trade negotiations rekindled investors’ risk appetite. In early trade, market benchmarks the Sensex and the Nifty 50 jumped by about half a per cent each.
On Tuesday (US local time), Trump said that India and the US “are continuing negotiations to address the trade barriers between the two nations.”
Also Read | India-US trade deal: What Trump’s latest update could mean for stock market
Concerns over US tariffs and their potential impact on the economy have been major triggers for the recent uptrend in gold prices. However, hopes of a US Fed rate cut this month keep sentiment positive for bullion.
There is widespread expectation that the US central bank will announce a 25 bps rate cut on September 17 as the US jobs market is flashing stress signals.
Reuters reported, quoting government data, that “the US economy likely created 9,11,000 fewer jobs in the 12 months through March than previously estimated.” This indicates job growth was already declining after Trump’s tariffs and immigration policies.
Investors now await US producer price inflation data, due later on Wednesday, and August consumer price inflation prints, due on Thursday, for more cues on the US Fed’s monetary policy path.
Also Read | Gold rate today: Why are gold prices skyrocketing? ExplainedGold, silver: Key levels to watch
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,625-3,595 and resistance at $3,668-3,684. Silver has support at $41.20-40.90 and resistance at $41.72-41.95.
In INR, Kalantri said gold has support at ₹1,08,040-1,07,640 while resistance is at ₹1,08,950-1,09,450. Silver has support at ₹1,24,750-1,23,950 while resistance at ₹1,26,350, 1,27,150.
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,655-3,634, while resistance is at $3,700-3,714 per troy ounce, and silver has support at $41.00-40.64, while resistance is at $41.70-42.05 per troy ounce in today’s session.
MCX Gold has support at ₹1,08,350-1,07,600 and resistance at ₹1,09,600-1,10,100, while silver has support at ₹1,23,500-1,22,400 and resistance at ₹1,25,500-1,26,600.
“We suggest booking profits in gold long positions ahead of the US inflation data. Those holding long positions in silver are suggested to strictly follow stop loss below ₹1,23,500 and book profits around ₹1,26,600,” said Jain.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.