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Gold rate today: Yellow metal falls near Rs 50,300 level; Silver dips 1%; Buy on dips, analysts suggest

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Gold prices in India eased on the Multi Commodity Exchange (MCX) Friday tracking a muted trend in international spot prices. However, analysts are of the view that the trend in the yellow metal prices remains positive and any drop in prices can be bought in.

Gold rate today: Yellow metal falls near Rs 50,300 level; Silver dips 1%; Buy on dips, analysts suggest
Gold prices in India eased on the Multi Commodity Exchange (MCX) Friday tracking a muted trend in international spot prices. However, analysts are of the view that the trend in the yellow metal prices remains positive and any drop in prices can be bought in.
At 11:25 am, gold futures for February delivery fell 0.22 percent to Rs 50,280 per 10 grams as against the previous close of Rs 50,390 and the opening price of Rs 50,319 on the MCX. Silver futures traded 0.97 percent lower at Rs 67,606 per kg. The prices opened at Rs 67,961 as compared to the previous close of Rs 68,267 per kg.
“The gold prices eased on weekend profit booking. However, stimulus hopes in the US and still a subdued dollar will continue to support the precious metal prices. Any dip in gold prices can be used as a buying opportunity,” said Ajay Kedia, director, Kedia Commodity Comtrade.
International gold prices retreated on Friday after rising sharply for the past three sessions as the dollar rebounded, but the metal was on track to post a third straight weekly gain on stimulus hopes in the United States.
Spot gold fell 0.3 percent to $1,880.20 per ounce. For the week, it was up 2.3 percent so far. US gold futures dropped 0.3 percent to $1,885.30.
The gold prices have breached important resistance levels on $1,850 and $1,870. Now the key levels to be watched for will be $1,900, analysts said.
“The trend in gold prices remains positive. Support for gold is placed at Rs 49,500 level while it may face resistance at Rs 51,200 level. For silver, support is seen at Rs 66,400 level and resistance at Rs 69,800 level,” Kedia said.
For the next week, gold may face resistance at $1,920 level in the international market and Rs 50,800 on MCX. Gold may test Rs 51,500 levels, Kedia added.
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