Gold price today: Yellow metal flat, likely to move in 37500-38000 range amid weak rupee
Gold prices expected to hold 37,500 and could move in the range of 37,500-38,000. Silver prices could hold 45,800 and we expect it to move in the range of 45,800-46,800.
Gold prices were trading flat with a negative bias on September 20 after the US Federal Reserve gave no indication of further cuts.
The Yellow metal weakened for the fourth consecutive day in a row to trade below Rs 37,700 per 10 grams.
Around 09:15 hours, MCX Gold traded at Rs 37,658 per 10 grams, down Rs 28, or 0.07 percent on September 20.
Spot Gold moved in a tight range and closed around $1500 while at MCX prices slips below Rs 38,800 levels per 10 grams.
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“After the US Federal Reserve meeting outcome there is no clarity on further rate cuts, and gold and silver traded sideways in the international market. Silver prices closed around Rs 46,500 levels,” Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited told Moneycontrol.
“After the Fed outcome, dollar index showed some profit taking which supported gold and silver prices. Looking to the geopolitical tensions between Iran and Saudi Arabia and selling pressure in the domestic equity market we expect the rupee to weaken further and this could support gold and silver prices in the domestic market,” he added.
Jain further added that Gold prices expected to hold 37,500 and could move in the range of 37,500-38,000. Silver prices could hold 45,800 and we expect it to move in the range of 45,800-46,800.
Source: Money Control
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Published on
Sep 19 2019 11:01PM, by
wealthbuildup in
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