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    Gold price today: Yellow metal trades flat above Rs 47,000; US non-farm payrolls data awaited

    Gold price today: Yellow metal trades flat above Rs 47,000; US non-farm payrolls data awaited

    Gold price today: Yellow metal trades flat above Rs 47,000; US non-farm payrolls data awaited
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    By CNBCTV18.com  IST (Updated)

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    Gold prices were flat as investors were largely on the sidelines awaiting the US non-farm payrolls print that is crucial for Federal Reserve’s tapering timeline.

    Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Thursday tracking a muted trend in the international spot prices as investors await US non-farm payrolls data.
    At 10:40 am, gold futures for October delivery rose 0.03 percent to Rs 47,083 per 10 grams as against the previous close of Rs 47,068 and the opening price of Rs 47,049 on the MCX. Silver futures eased 0.04 percent to Rs 63,815 per kg. The prices opened at Rs 63,977 as compared to the previous close of Rs 63,840  per kg.
    “Gold prices are likely to remain in a narrow range ahead of the US non-farm payrolls data. Strength in the rupee is weighing on the domestic gold prices. The gold and silver ratio is falling, which is positive for silver. Gains in base metal prices also support silver,” said Ajay Kedia, Director, Kedia Advisory.
    According to Kedia, support for gold is placed at Rs 46,780 and resistance at Rs 47,450. Silver may fins support at Rs 62,700 and resistance at Rs 64,850, he added.
    International gold prices were flat on Thursday as investors were largely on the sidelines awaiting the US non-farm payrolls print that is crucial for Federal Reserve’s tapering timeline, said a Reuters report.
    Spot gold was steady at $1,811.66 per ounce. US gold futures were steady at $1,814.30.
    “The lacklustre movement in gold continues and is somehow manage to trade above the key momentum indicators. The market participants are eyeing employment data to be released on Friday which is expected to come lower than expected. Lower employment data could have bullish undertone for gold and bearish for dollar and precious metal may find a new catalyst to break its key resistance zone of $1835-$1845/oz,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.
    The dollar index hovered near multi-week lows, pressured by private payrolls data that missed expectations.
    Meanwhile, the recent strength in the rupee amid buying in the domestic equity market is pressurizing the precious metal prices.
    “Gold on MCX also traded in the tight range both the side and closed mostly unchanged. Equity markets are making new highs on daily basis and getting more traction than the safe heaven. The outlook for the gold is expected to be rangebound during the day and will offer opportunities for the traders on both sides,” Matta said.
    According to him, the key level for gold October contract is Rs 47,108. He recommends buying gold above Rs 47,115 for the target of Rs 47,236-47,404. Sell zone for gold is below Rs 47,090 for the target of Rs 46,960-46,812, he said.
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