Gold price today: Yellow metal inches higher, could retest 38,300 levels

Gold prices in India saw a positive opening on October 16 in line with international prices as the Brexit uncertainty spurs a safe-haven bid.

December futures for the yellow metal traded at Rs 38,153 per 10 gram, up Rs 117, or 0.31 percent, on the MCX around 09:15 hours. It closed at Rs 38,036, down 190 or 0.5 percent on October 15.

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Experts are of the view that, in the near-term, Gold and Silver prices are likely to remain volatile. Gold prices are likely to move in a broader range of Rs 37,800-38,300, and Silver could well move in the range of Rs 45,000-45,800 on October 16, suggest experts.

Gold and Silver prices jumped and almost tested $1,500 and Silver crossed $17.70 in the international market on October 15. Gold prices at MCX made a high of Rs 38,425 and Silver made a high of Rs 46,020.

“Weakness in rupee and tensions in the Middle East supported bullion prices. But, after news of possible Brexit and first phase deal of US and China profit-taking seen in the evening session, Gold prices slip below $1480 and silver prices also slipped below $17.50 in the international market,” Manoj Kumar Jain, Director at India Nivesh Commodities, told Money control.

“Looking at the news flow from the global economies we expect bullion prices remain volatile. The level of Rs 37,800 is likely to act as major support for gold and on the higher side, it could test Rs 38,300 levels. Silver is expected to hold the support of Rs 45,000 and Rs 45,800 acts as major resistance for Silver."

Jain further added that investors could play in the broader range of Rs 37,800-38,300 in gold and  Rs 45,000-45800 in silver on October 16.

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