Gold Price- MCX gold rises on US Dollar’s retreat; Support seen at Rs 56180-55910, resistance at Rs 56650-56810

Gold Price: MCX gold rises on US Dollar’s retreat; Support seen at Rs 56180-55910, resistance at Rs 56650-56810

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Thursday, while Silver rates also surged 0.73%. On the Multi Commodity Exchange, gold October futures were trading at Rs 56882 per gram, up Rs 161, or 0.28%. Silver December futures were trading up Rs 485 at 67370 per kg on the MCX.

Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as US bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week, according to Reuters. Spot gold rose 0.3% to $1,826.49 per ounce, attempting a rebound from its weakest levels since March touched on Tuesday. US gold futures gained 0.3% to $1,840.90.

“Gold has support at $1810-1798 while resistance is at $1838-1850. Silver has support at $20.90-20.76, while resistance is at $21.38-21.52. In INR terms gold has support at Rs 56,180 – 55,910, while resistance is at Rs 56,650 – 56,810. Silver has support at Rs66,100 – 65,450, while resistance is at Rs 67,540 – 68,150,” Rahul Kalantri added.

Traders eye India’s Service PMI, US weekly jobless claims

“Gold price steadied, getting a reprieve after declining in the previous eight consecutive sessions, as US bond yields and the dollar stepped back from highs ahead of a keenly awaited non-farm payrolls report this week. A broad selloff in world government bonds on Wednesday drove up US 30-year Treasury yields to 5% for the first time since 2007 and German 10-year yields to 3%, which could hasten a global slowdown and hurt stocks and corporate bonds. Markets now await the Labor Department’s more comprehensive and closely watched employment report for September on Friday,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.

“The US services sector slowed in September as new orders fell to a nine-month low, while the factory orders was reported better than expected capping gains for metals on the higher side. Focus today will be on Services PMI from India, US weekly jobless claims and comments from a few Fed officials,” Manav Modi added.