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Gold rate today: Yellow metal falls; Resistance placed at Rs 47,500 level

Gold rate today: Yellow metal falls; Resistance placed at Rs 47,500 level

Gold rate today: Yellow metal falls; Resistance placed at Rs 47,500 level
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By Ankit Gohel  Jun 15, 2020 12:59:54 PM IST (Updated)

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Monday in line with international spot prices amid a stronger dollar. Fears of the second wave of coronavirus infections continue to support the yellow metal prices, analysts said.

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Monday in line with international spot prices amid a stronger dollar. Fears of the second wave of coronavirus infections continue to support the yellow metal prices, analysts said.

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At 12:40 pm, gold futures for August delivery fell 0.67 percent to Rs 47,016 per 10 grams as against the previous close of Rs 47,334 and opening price of Rs 47,199 on the MCX. Silver futures traded 1.60 percent lower at Rs 46,926 per kg. The prices opened at Rs 47,533 as compared to the previous close of Rs 47,690 per kg.
Analysts believe gold may face strong resistance at Rs 47,500-47,800 levels on MCX.
“Strong dollar is pressurizing gold prices. However, concerns over of the second wave of infections lent support,” said Ajay Kedia, director, Kedia Commodity Comtrade.
International gold prices dropped on Monday, as the dollar hovered close to a more than one-week high, despite fears of a second wave of coronavirus infections in Beijing denting risk appetite.
Spot gold was down 0.5 percent at $1,720.56 per ounce as of 0640 GMT. US gold futures slipped 0.7 percent to $1,725.30.
Kedia believes that the gold prices will be bearish for this week. However, dampening investor risk appetite is likely to support yellow metal prices.
Meanwhile, the rupee weakened amid selling seen in the domestic equity market.
 
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