Gold and silver prices today: Yellow metal trading steady in early morning trade

Gold opened on the Multi Commodity Exchange (MCX) on Friday at Rs 60,911 per 10 grams and hit an intraday low of Rs 60,889. In the international market, prices hovered around $1,986.74 per troy ounce. Meanwhile, silver opened at Rs 71,170 per kg, hit an intraday low of Rs 71,160 on the MCX, and hovered around $22.70 per troy ounce in the international market. 

Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said, “Gold prices closed flat at 60911 levels. FOMC kept interest rates stable, which is positive for the bullions on inflation concerns. The dollar index is trading below 106 levels and coolness in bond yields and the dollar index. For trading, gold may trade between $1980 to $1995 levels, and on MCX, it may trade between 60400 to 61300 levels. Silver may trade between 71000 to 72000 levels.” 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold is trading steady as investors look forward to US October non-farm payrolls report later in the day for more clues on the Federal Reserve’s interest rate path.” 

In line with market expectations, the Fed held rates steady, bets that the US central bank may be done with rate hikes increased, weighing on Dollar and Treasury yields. The dollar index in the previous session was down, marking a low of 105.80. Similarly, US 10-yeasr yields were also trading around 4.65%, down from the 16-year high of 5%. The dispute between Israel and Palestine continues to jolt the market. But since no other country has joined in the market has shifted focus on growth and inflation concerns. 

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Data showed private payrolls increased less than expected in October, while the September JOLTS job openings were at 9.55 million against expectations of 9.25 million. US factory orders were reported better than expectations, showing the underlying strength in the economy; however, the focus now shifts to US non-farm payroll and unemployment rate data. If the US jobs data is reported lower than expectations, it could further support gain in safe-haven assets. 

Amit Khare, Associate Vice President at GCL Broking, said, “December Gold closed at 60890(0.17%) and December Silver closed at 71371(0.10%), As per the daily chart Bullions structure is looking positive, We can see some further upside movement in coming future, Momentum Indicator RSI also indicating the same, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 60700/60400 and Resistance 61000/61200. Silver December Support 71100/70300 and Resistance 72000/72500.”