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    Gold rate today: Yellow metal falls below Rs 51,000 per 10 grams; support seen at Rs 50,500

    Gold rate today: Yellow metal falls below Rs 51,000 per 10 grams; support seen at Rs 50,500

    Gold rate today: Yellow metal falls below Rs 51,000 per 10 grams; support seen at Rs 50,500
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    By Ankit Gohel   IST (Updated)

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    Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday tracking a muted trend in the international spot prices. Silver prices also declined by 1 percent. At 10:50 am, gold futures for December delivery fell 0.48 percent to Rs 50,860 per 10 grams as against the previous close of Rs 51,107 and opening price of Rs 50,870 on the MCX. Silver futures traded 0.83 percent lower at Rs 62,577 per kg. The prices opened at Rs 62,401 as compared to the previous close of Rs 63,098 per kg.

    Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday tracking a muted trend in the international spot prices. Silver prices also declined by 1 percent.
    At 10:50 am, gold futures for December delivery fell 0.48 percent to Rs 50,860 per 10 grams as against the previous close of Rs 51,107 and opening price of Rs 50,870 on the MCX. Silver futures traded 0.83 percent lower at Rs 62,577 per kg. The prices opened at Rs 62,401 as compared to the previous close of Rs 63,098 per kg.
    “Gold prices fell as the dollar witnessed a rebounded amid uncertainty over economic stimulus package in the US. The yellow metal is likely to remain sideways ahead of macro data from the US which is expected to pressurize the dollar. Silver prices declined after witnessing a pullback from yesterday’s gains,” said Ajay Kedia, director, Kedia Commodity Comtrade.
    International gold prices fell on Tuesday with a slight rebound in dollar, while investors clung to hopes of a US stimulus package being eventually released, Reuters reported.
    Spot gold dipped 0.6 percent to $1,910.76 per ounce. US gold futures were down 0.3 percent to $1,923.
    Meanwhile, weakness in the Indian rupee amid a subdued trend in the domestic stock market supported the yellow metal prices at lower levels.
    “On MCX, gold may find support at Rs 50,500 while resistance is placed at Rs 51,300 level. Support for silver is seen at Rs 61,500 and resistance is placed at Rs 64,000 level,” Kedia added.
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