Gold Price Today: Rates hit the record high on the exclusion of the US closure; Experts emphasize the most important MCX levels to look at

Gold Price Today: Rates of gold and silver hit fresh record high on Wednesday (October 1), as concerns about the US closure caused the demand for safe ports. MCX Gold December Futures Contract hit a fresh high of £ 1,17,800 per 10 grams, while MCX Silver December contract scaled a fresh high of £ 1,44,844 per kg. About 9:15 pm, MCX Gold December contracts were 0.37 percent higher at £ 1,17,698 per 10 grams, and MCX Silver December contracts were 1.04 percent higher than $ 1,43,620,620. The weakness and expectations of the dollar of further interest rate cuts by the US Federal Reserve, after poor labor data, also supported gold prices. The dollar index traded near a one -week low, which made gold cheaper in overseas currencies, thus increasing its demand. The US is on its way to a closure after the Senate failed to adopt legislation that extended the government’s funding on Tuesday. “Gold has risen as concerns about an imminent closing of the US government has increased the demand for safe Haven assets. Traders are monitoring its possible expensive carefully as an extensive closure can delay the most important economic data, including Friday’s non-farm payment state report, which is crucial before the Fed’s late-october policy meeting,” said Jigar Trived Reliance Securities. The focus is also on the RBI MPC policy decision today. The market expects a status quo at the repo rate. Is this the right time to buy gold? Gold’s long -term prospects remain positive. However, the yellow metal is expected to remain volatile within the short term. “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets and before the US non-farm employment data,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. Jain suggests that you wait for some corrective dips to start a fresh long position in gold and silver, and to avoid any kind of short sales. According to Jain, Gold has support at $ 3.844- $ 3.820, while resistance to $ 3,900- $ 3.920 per Troy Ounce, and Silver has support at $ 46.20- $ 45.85, while resistance in the contemporary session of $ 47.00- $ 47.40 per troy. MCX Gold has support at £ 1,16,550- £ 1,15,700 and resistance to £ 1,18,000- £ 1,18,800, while MCX Silver supports at £ 1,41,000- £ 1,39,800 and resistance to £ 1,43,500 £ 1,44,800. According to Trivedi, the MCX Gold December contract is likely to progress to £ 1,18,000 per 10 grams, as the trend is also positive in the international market. Rahul Kalantri, VP of commodities at Mehta Equities, said gold support at $ 3,830- $ 3.810, while resistance to $ 3,884- $ 3.910. Silver has support at $ 46.60- $ 46.30, while resistance to $ 47.40- $ 47.70. In INR, gold has support at £ 1,15,800-1,15,180, while resistance is at £ 1,16,950-1,17,300. Silver has support of £ 1,41,450-1,40,850 and resistance is at £ 1,43,550 and £ 1,44,300, Kalantri says. Read all market -related news here read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or brokerage firms, not coin. We advise investors to consult with certified experts before making investment decisions, as market conditions can change quickly and conditions can vary.