Gold price today jumps to near 2-month high, silver rate move up

Gold prices edged higher today in India, tracking positive global cues. On MCX, gold futures were up 0.4% to two-month high of ₹47,979 per 10 gram, extending Friday's 0.9% gain. Silver futures were up 0.4% to ₹65,898 per kg.  In global markets, gold rates edged higher today to near the $1,800 level, supported by a weaker dollar.  Spot gold was up 0.3% at $1,798.51 per ounce. The dollar index was off 0.12%, making bullion more appealing to buyers holding other currencies.

Among other precious metals, spot silver rose 0.7% to $24.48 per ounce. Domestic brokerage Geojit said that as long as $1760 holds expect rallies to continue the day. For silver, breaking the resistance of $24.60 is needed to continue rallies, it added.

Gold traders are awaiting US third quarter GDP figures due on Thursday. A weak reading is likely to weigh on the dollar. Federal Reserve Chair Jerome Powell on Friday said the US central bank should start the process of reducing its support of the economy by cutting back on its asset purchases, but should not yet touch interest rates.