Gold and silver prices surged in the special Muhurat trading session on MCX, tracking positive global cues. On MCX, gold futures jumped 1.5% to Rs 47,571 per 10 gram while silver rates surged Rs 2.8% to Rs 64,224 per kg.
In US, gold futures rose rose 1.8% to $1,795.70 an ounce, rebounding from a three-week low hit on Wednesday. Analysts say gold took some comfort from the fact that there was no strong signal with regards to future rate hikes from the Fed. Spot silver rose 1.2% to $23.79 per ounce.
The precious metal has been consolidating in a broad range of $50 since October as its struggles to break the resistance of $1,810-1,815 on the upside and $1,760-1,750 support on the downside. Price break on either side of the given range will give further direction.
The yellow metal rose in two out of four trading sessions on the MCX in a holiday-shortened week and ended the week with a mild loss of Rs 64 or 0.13 percent. The bullion metal has been trading lower than its 5, 20, 50, 100, and 200 days’ simple moving averages and exponential moving averages on the daily chart.
The momentum indicator Relative Strength Index (RSI) is at 52.64, which suggests a sideways trend in the prices. The US Labour Department said that the number of Americans filing claims for unemployment benefits fell by 14,000 to seasonally adjusted pandemic low of 269,000 for the week ended October 30, a sign of recovery in the job market.
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