Gold rate today: Gold edges higher as IMF trims growth outlook

Bullion counters edged higher as traders shifted to safe-haven counters amid slowdown worries and prospects of economic damage from a new strain of pneumonia in China.

International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets. It lowered the FY20 growth rate for India to 4.8 per cent.

Gold futures were up 0.52 per cent to Rs 40,153 per 10 gram, while silver advanced 0.58 per cent to Rs 46,970 per kg.

Brokerage SMC Global said bullion counters may trade on the upside. Gold can recover towards Rs 40,250 while taking support near Rs 39,900, while silver can test Rs 47,200 while taking support near Rs 46,700, it added.

Globally, spot gold prices touched their highest since January 8 at $1,568.35 and were up 0.3 per cent at $1,566.06 per ounce by 0326 GMT. US gold futures were 0.4 per cent higher at $1,566.30.

A Reuters technical analyst said spot gold may test a resistance at $1,573 per ounce, a break above which could lead to a gain to $1,582.

The resistance is identified as the 50 per cent retracement of the downtrend from $1,610.90 to $1,535.63. The metal is riding on a wave c or wave (3), both of which are capable of traveling to $1,570, their 100 per cent projection level.

Meanwhile, Palladium advanced 0.6 per cent to $2,515.05 an ounce. The auto-catalyst metal hit a record high of $2,582.19 in the previous session.

Silver rose 0.3 per cent to $18.12 per ounce, while platinum moved higher by 0.3 per cent to $1,018.91.