Gold rate today: Gold prices firm as traders await direction; strong dollar caps gains

Gold was firm on domestic bourses in Wednesday's early trade as traders awaited further direction. A strong dollar also hindered any significant forward movement in the yellow metal.

MCX Gold (Dec) futures were up 0.24 per cent to Rs 37,973, while MCX Silver (Dec) futures were down 0.06 per cent to Rs 45,472.

In the international market, gold prices inched up on Wednesday, after slipping more than 1 per cent in the previous session, as investors awaited further clarity on the US-China trade talks.


Spot gold was up 0.2 per cent to $1,486.53 per ounce at 0121 GMT, having dipped 1.7 per cent on Tuesday, reported Reuters. This was the biggest one-day percentage drop since late-September.



On technical charts, spot gold may break a support at $1,482 per ounce and fall to the Oct. 1 low of $1,458.50, said a Reuters technical analyst.

A bounce from the current level may be limited to $1,496.

On the daily chart, gold is poised to fall below a neutral range of $1,480.82-$1,518.50. A retracement analysis on the uptrend from $1,159.96 to $1,557 reveals an immediate target around $1,463, the 23.6 per cent level which is near $1,458.50.