Gold prices regain Rs 48,000/10 gm mark on safe-haven billing; silver up Rs 170 a kg

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Gold prices jumped by Rs 163 to Rs 48,066 for 10 grams in the Mumbai bullion market on safe-haven appeal amid a selloff in the equity market, firm global cues despite strength in the rupee. The yellow metal retested the $1,800/oz level as tensions between the US and China rose, firm consumer demand and ECB Policy meet.

The price of 10 gram 22-carat gold in Mumbai was Rs 44,028 plus 3 percent GST, while 24-carat 10 gram stood at Rs 48,066 plus GST. The 18-carat gold quoted at Rs 36,050 plus GST in the retail market.

“This year jewellery buying trend has been about living life large. After two years of mental anxiety and challenges, customers want to spend and invest in jewellery for happiness and asset building. We have seen larger pieces of necklaces in gold or diamonds and statement pieces of bangles, earrings, and rings getting sold. Sales are expected to get back to pre-Covid levels, with an increase of 15-20 percent from last year,” said Suvankar Sen, CEO, Senco Gold and Diamonds.

The focus this week will be on major central bank meetings, including those of the Bank of Japan and the European Central Bank scheduled on October 28.

“Gold prices recovered paring previous losses with lower US bond yields and mixed global cues. Gold prices are fluctuating ahead of ECB policy meeting. The 10 year US Treasury yields were trading near 1.55% down from 1.62% from Wednesday”, said Tapan Patel- Senior Analyst (Commodities), HDFC securities. 

Patel expects gold prices to trade sideways to up with COMEX spot gold resistance at $1,812 and support at $1,785 per ounce. MCX Gold December support lies at Rs 47,700 and resistance at Rs 48,300 per 10 gram.

Investors will take further cues from US GDP and weekly jobless claims data later in the day.

Also, worries over the ongoing inflation sticking around for longer than expected continued to support gold as it is widely considered as a hedge against inflation and currency debasement.

Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose by 3.2 tonnes to 983.01 tonnes. The ETF has a market value of $56.72 billion.

The dollar index marginally jumped to 93.89, up 0.11 percent against a basket of six rival currencies.

Spot gold soared by $5.52 at $1,802.31 ounce at 1212 GMT in London trading.

MCX Bulldek slightly up by 7 points or 0.05 percent to 14,432 at 5.44 pm. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

The gold-silver ratio stands at 74.24 to 1, which means 74.24 ounces of silver is required to buy an ounce of gold.

Silver prices advanced by Rs 170 to Rs 64,744 a kg against its closing price on October 27.

In the futures market, the gold price touched an intraday high of Rs 48,065 and an intraday low of Rs 47,858 on MCX. For the December series, the yellow metal touched a low of Rs 45,705 and a high of Rs 48,899.

Gold futures for December delivery jumped Rs 101, or 0.21 percent, at Rs 48,063 in the evening trade on a business turnover of 10,477 lots. The same for February climbed by Rs 106, or 0.22 percent, to Rs 48,125 on a business turnover of 4,199 lots.

The value of December and February contracts traded is Rs 1,215.86 crore and Rs 109.09 crore, respectively.

The Gold Mini contract for November gained by Rs 88, or 0.18 percent, at Rs 47,892 on a business turnover of 2,720 lots.

Trading Strategy

Axis Securities

Axis Securities advised its clients to buy December Gold at Rs 47,800 with a stop loss at Rs 47,600 and a target of Rs 48,050.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited

Technically, international gold is trading with marginal positive bias near $1,800 levels. The market has been resisting below $1,815-1,810 levels. On the domestic front, MCX October Gold is trading with positive bias. In the previous session, prices rose more than 300 points after testing a support level of Rs 47,700-47,550. We may expect the market to test these levels in the evening session.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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