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Gold price today: Yellow metal nearly unchanged near Rs 47,400 mark

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A record-breaking spree on Dalal Street also continued to hurt the safe-haven appeal of the yellow metal.

Gold price today: Yellow metal nearly unchanged near Rs 47,400 mark
Domestic gold prices were nearly unchanged on Tuesday with the near-month futures contract steady near the Rs 47,400 per 10 grams mark as the dollar rose, making the yellow metal less attractive for those holding other currencies. A record-breaking spree on Dalal Street also continued to hurt the safe-haven appeal of the yellow metal.
The muted trend on Multi Commodity Exchange (MCX) gold prices came despite a rise in global benchmarks.  At 9:08 am, MCX gold futures for October delivery traded with a loss of Rs 13 at Rs 47412 per 10 grams, compared with their previous close of Rs 47,425 per 10 grams.
Silver December futures were down by Rs 80  or 0.12 percent at Rs 65,212 per kilogram. On Monday, the white metal contract had settled at Rs 65,292
per kg.
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Globally, gold prices firmed, propped up by a softer dollar and prospects of the Federal Reserve delaying a tapering in its pandemic-era bond purchases.
Spot gold was last seen trading 0.2 percent higher at $1,826.75 per ounce. The benchmark hit  a two-and-a-half-month trough last week following disappointing US non-farm payrolls data. US gold futures eased 0.3 percent to $1,828.00.
The dollar index -- which gauges strength in the greenback against six other currencies -- was up 0.13 percent at 92.16, rebounding from a one-month trough hit in the previous session.
Meanwhile, the recent strength in the rupee amid continuous buying in the domestic equity market is pressurising the precious metal prices.
Manoj Kumar Jain, Director-Head of Commodity Research, Prithvi Finmart,  expects both gold and silver to remain volatile on Tuesday.
He sees support to come in at Rs 47,220-47,000 levels for MCX gold, and resistance at Rs 47,660-47,850. For the white metal, he has pegged support at Rs 64,800-64,500 and resistance at Rs 65,600-66,100.
"Gold has been a frustrating trade as the precious metal struggles to find bullish momentum despite a weakening currency and real interest rates remaining well entrenched in negative territory. The price is trading in a small tight range and consolidating around Rs 47,500," said Sandeep Matta, Founder of TRADEIT Investment Advisor.
Technical charts suggest some profit booking in bullion on the daily as well as four-hourly charts after a huge short covering rally last Friday, according to Amit Khare, AVP-Research Commodities at Ganganagar Commodities.
On Tuesday, traders are advised to create fresh short positions in gold and silver near their resistance levels, he said.
Time to take positions?
Jain recommends buying gold futures around Rs 47,300 for a target of Rs 47,650 with a stop loss at Rs 47,100.
Matta suggests a buy zone above Rs Rs 47,400 for gold for a for a target of Rs 47,550-47,700, and a sell zone below Rs 47,375 for a target of Rs 47,200-47,040.
Khare sees support for MCX gold October futures at Rs 47,300, followed by Rs 47,000, and resistance at Rs 47,500, and then Rs 47,700. For silver December futures, he has pegged support at Rs 65,000 and then Rs 64,500, and resistance at Rs 65,600, followed by Rs 66,000.