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Gold rate today: Yellow metal falls on profit booking, improved risk appetite; support at Rs 46,750

Gold rate today: Yellow metal falls on profit booking, improved risk appetite; support at Rs 46,750

Gold rate today: Yellow metal falls on profit booking, improved risk appetite; support at Rs 46,750
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By Ankit Gohel  May 21, 2020 1:23:03 PM IST (Updated)

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Thursday following weakness in international spot prices as risk appetite improved on hopes of a swift recovery in economic growth amid easing of nationwide lockdowns and the possibility of a coronavirus vaccine, analysts said.

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Thursday following weakness in international spot prices as risk appetite improved on hopes of a swift recovery in economic growth amid easing of nationwide lockdowns and the possibility of a coronavirus vaccine, analysts said.

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Investors also opted for profit booking after prices hovered near all-time high in previous sessions. However, bleak data from major economies capped the losses in yellow metal prices, analysts added.
At 1:10 pm, gold futures for June delivery fell 0.66 percent to Rs 46,819 per 10 grams as against the previous close of Rs 47,131 and opening price of Rs 47,050 on the MCX. Silver futures traded 1.52 percent lower at Rs 48,311 per kg. The prices opened at Rs 48,202 as compared to the previous close of Rs 49.058 per kg.
Spot gold slid 0.7 percent to $1,737.35 per ounce. US gold futures slipped 0.8 percent to $1,738.80.
“Gold prices witnessed technical correction amid profit booking on Thursday. Hopes of revival in economic growth amid gradual opening up of major countries improved risk appetite,” said Jigar Trivedi, Fundamental Research Analyst at Anand Rathi.
However, investment demand for gold still remains high and long term sentiment is positive, Trivedi added.
“On MCX, support for gold is placed at Rs 46,650-46,750 levels while it may face resistance at Rs 46,900-47,000 levels,” Trivedi said.
Meanwhile, global equities surged overnight, though gains during Asian hours were limited by lingering caution about the long-term impact of the coronavirus outbreak.
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