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Gold rate today: Yellow metal gains; may rise to Rs 47,500 per 10 grams

Gold rate today: Yellow metal gains; may rise to Rs 47,500 per 10 grams

Gold rate today: Yellow metal gains; may rise to Rs 47,500 per 10 grams
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By Ankit Gohel  Jun 1, 2020 1:33 PM IST (Published)

Gold prices in India traded marginally higher on the Multi Commodity Exchange (MCX) Monday tracking gains in international spot prices on reports of riots in major cities of the United States. The tension between the United States and China also supported positive momentum in the yellow metal prices, analysts said.

Gold prices in India traded marginally higher on the Multi Commodity Exchange (MCX) Monday tracking gains in international spot prices on reports of riots in major cities of the United States. The tension between the United States and China also supported positive momentum in the yellow metal prices, analysts said.

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At 1:30 pm, gold futures for August delivery rose 0.10 percent to Rs 47,149 per 10 grams as against the previous close of Rs 47,104 and opening price of Rs 47,050 on the MCX. Silver futures traded 1.28 percent higher at Rs 50,758 per kg. The prices opened at Rs 50,587 as compared to the previous close of Rs 50,118 per kg.
“Gold prices gained due to the tensions between US and China and concerns over rising coronavirus-infected cases in India. The sentiment for the bullion prices remains positive. Meanwhile, the trend in Silver prices will also be watched as the Gold-Silver ratio has fallen below 100,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi.
In the international market, gold prices rose on Monday as riots in major US cities rattled investors already reeling from strained Sino-US ties and boosted the demand for the safe-haven metal, with a weaker dollar lending further support.
Spot gold gained 0.9 percent to $1,741.61 per ounce by 0509 GMT. US gold futures was up 0.3 percent to $1,757.50.
In May, Gold prices rose around 3 percent while silver gained around 20 percent.
“Gold prices may trade in the range of Rs 47,000-47,500 while silver may rise to Rs 51,300-51,800 levels on the MCX,” Trivedi added.
However, strength in Indian rupee amid buying in the domestic equity market kept a check on gains in the yellow metal prices.
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