Gold Rate Today: Bullion counters edge lower on hopes of ease in trade war

NEW DELHI: Bullion counters were trading lower in early trade on Tuesday after ease in US-China trade tensions.

US Treasury Secretary Steven Mnuchin said US-China trade talks will resume next month, which also sent the equity markets higher.

Gold futures (Oct) slid 0.22 per cent lower on Tuesday to trade below Rs 37,850 on the MCX. Similarly, silver futures (Dec) cooled off 0.35 per cent to trade below Rs 47,938.


In the international gold market, the spot price for the yellow metal remained neutral in a range of $1,497-1,524 per ounce. An escape from this range could suggest a direction, said Reuters analysts.



The range is formed by the 123.6 per cent and the 138.2 per cent projection levels of an upward wave C from $1,265.90. A break above $1,524 could lead to a gain to $1,546, while a break below $1,497 could cause a fall into the range of $1,453-1,480.

Even though gold approached $1,524 again, it seems somewhat to have lost its momentum. It is doubtful that the metal would break $1,524, analysts said.

The bias could be towards the downside, as the correction from the September 4 high of $1,557 may consists of three waves, the third wave of which is yet to unfold towards $1,453.