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Gold rate today: Yellow metal rises above Rs 50,200 per 10 grams; may face resistance at Rs 50,500 level

Gold rate today: Yellow metal rises above Rs 50,200 per 10 grams; may face resistance at Rs 50,500 level

Gold rate today: Yellow metal rises above Rs 50,200 per 10 grams; may face resistance at Rs 50,500 level
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By Ankit Gohel  Jul 23, 2020 11:41:32 AM IST (Published)

Gold prices in India extended gains on Thursday and were trading near an all-time high of above 50,200 amid positive trend in the international spot prices, analysts said.

Gold prices in India extended gains on Thursday and were trading near an all-time high of above 50,200 amid positive trend in the international spot prices, analysts said.

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At 11:25 am, gold futures for August delivery rose 0.33 percent to Rs 50,245 per 10 grams as against the previous close of Rs 50,078 and opening price of Rs 50,191 on the MCX. The price hit an all-time high of Rs 50,281 per 10 grams.
Silver futures traded 0.21 percent higher at Rs 61,246 per kg. The prices opened at Rs 60,790 as compared to the previous close of Rs 61,115 per kg.
“Gold prices gained as the trade tension between the United States and China escalated. Monetary stimulus packages globally also supported the yellow metal prices,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.
The upside trend in the gold is expected to continue going ahead and any dips can be used as a buying opportunity for a target of Rs 50,800, said Sajeja.
International gold eased on Thursday as investors booked profits from a strong rally, but held on to a near nine-year high due to US-China tensions and bets on more global stimulus to support pandemic-hit economies, which could fuel inflation.
Spot gold was down 0.2 percent at $1,867.36 per ounce, after hitting its highest since September 2011 at $1,876.16 in early Asian trade. US gold futures rose 0.1 percent to $1,867.
“On MCX, resistance for gold is placed at Rs 50,500 while support is seen at Rs 49,800 – 49,900 levels,” Sajeja said.
 
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