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    Gold rate today: Yellow metal falls; may touch Rs 45,500 per 10 grams

    Gold rate today: Yellow metal falls; may touch Rs 45,500 per 10 grams

    Gold rate today: Yellow metal falls; may touch Rs 45,500 per 10 grams
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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) Wednesday as easing of lockdowns and re-opening of economies dampened safe-haven appeal amid weak domestic currency. However, rising tensions between the United States and China limited losses, analysts said.

    Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Wednesday as easing of lockdowns and re-opening of economies dampened safe-haven appeal amid weak domestic currency. However, rising tensions between the United States and China limited losses, analysts said.
    At 11:45 pm, gold futures for June delivery fell by Rs 302 or 0.65 percent to Rs 46,020 per 10 grams as against the previous close of Rs 46,322 and opening price of Rs 46,307 on the MCX. Silver futures traded 0.60 percent lower at Rs 47,534 per kg. The prices opened at Rs 47,667 as compared to the previous close of Rs 47,821 per kg.
    Stronger Indian rupee that was trading marginally higher at 75.60 per dollar, amid upbeat domestic equity market also pressurized the yellow metal prices.
    “Gold prices were trading lower on account of profit booking and decreased safe-haven appeal. Opening up of economies and hopes of coronavirus vaccine led gold prices lower. Gold has breached support of $1,720 levels in the international market and the next support is placed at $1,680,” said Ajay Kedia, Director, Kedia Commodities.
    In the global market, gold was trading near a two-week low as optimism around several economies re-opening dulled the metal's safe-haven appeal, although increasing Sino-US frictions over Beijing's proposed security law for Hong Kong tempered losses.
    Spot gold dipped 0.3 percent to $1,705.94 per ounce by 0502 GMT, after hitting its lowest level since May 13 of $1,703.40 earlier in the session. US gold futures were down 0.6 percent to $1,695.80.
    On MCX, gold prices are expected to fall near Rs 45,300-45,500 per 10 grams levels while resistance is placed at Rs 46,600 level, Kedia added.
    Further, the downside in the yellow metal prices looks limited on lingering concerns over tensions between the United States and China, he said.
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