Gold rate today: Bullion slips as global risk appetite increases

Gold and silver futures slipped in early trade on domestic commodity bourses on Friday as market sentiments improved with easing global tension. The US agreed to an “in-principle” deal with China while Conservatives were expected to sweep the UK polls.

MCX Gold (Feb) futures were down 0.16 per cent to Rs 37,484 and MCX Silver (Mar) futures ebbed 0.07 per cent to Rs 43,895.

In the US market, gold prices fell on Friday after sources said Washington and Beijing had reached an interim trade deal and averted a fresh round of US tariffs, boosting appetite for riskier assets.

Spot gold was down 0.2 per cent at $1,466.35 per ounce, as of 0051 GMT, but was on track to post a weekly gain, reported Reuters. US gold futures were also down 0.2 per cent at $1,469.60.



According to technical charts, spot gold is expected to test support at $1,455 per ounce, a break below which could cause a fall to $1,440, said a Reuters analyst. The bounce from the November 12 low of $1,445.18 is over, as confirmed by its five-wave structure. This fifth wave labelled e ended around a falling trendline.

This intact trendline suggests a steady downtrend from the Sept. 4 high of $1,557. The trend has resumed. Resistance is at $1,478, a break above which could lead to a gain to $1,492.

On the daily chart, gold has completed a consolidation within a small rising channel. It is expected to test the support at $1,446, the 38.2 per cent retracement of the uptrend from $1,265.90 to $1,557.