Gold Rate Today: Gold surges on recession fears, weaker rupee

NEW DELHI: Gold prices on Thursday surged as rupee slumped against the US dollar and fears of recession and no-deal Brexit boosted the safe-haven appeal.

Globally, spot gold prices rose today 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. Gold prices closed at lower rates on Wednesday but remain around it's all-time high of $1,554.56.

SPDR Gold holdings said that its holdings were up by 6.6 per cent so far in August.




In the domestic market, MCX Gold prices jumped to Rs 39,355 per 10 gram around 12 pm.

Silver prices were trading at Rs 47,222 per kg today.

“We expect positive momentum to continue in both the precious metals and any dip in the prices is an opportunity to buy. Overall short to medium term trend is positive in silver and gold. Gold is having support at $1540-1532 and resistance near $1558-1566. Silver is having support at $18.20-18 while resistance is at $18.60-18.80,” IndiaNivesh Research said in a note.