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Gold rate today: Yellow metal falls on steady dollar; support placed at Rs 51,500 per 10 grams level

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Gold prices in India fell on the Multi Commodity Exchange (MCX) Monday following weakness in international spot prices amid steady dollar. Silver prices also declined by over 1 percent. At 11:13 am, gold futures for October delivery fell 0.59 percent to Rs 51,710 per 10 grams as against the previous close of Rs 52,016 and opening price of Rs 51,860 on the MCX. Silver futures traded 1.31 percent lower at Rs 66,191 per kg. The prices opened at Rs 66,589 as compared to the previous close of Rs 67,067 per kg.

Gold rate today: Yellow metal falls on steady dollar; support placed at Rs 51,500 per 10 grams level
Gold prices in India fell on the Multi Commodity Exchange (MCX) Monday following weakness in international spot prices amid steady dollar. Silver prices also declined by over 1 percent.
At 11:13 am, gold futures for October delivery fell 0.59 percent to Rs 51,710 per 10 grams as against the previous close of Rs 52,016 and opening price of Rs 51,860 on the MCX. Silver futures traded 1.31 percent lower at Rs 66,191 per kg. The prices opened at Rs 66,589 as compared to the previous close of Rs 67,067 per kg.
“Gold prices dipped as the dollar steadied near a more than one-week high, while investors will keep an eye on the Fed Chairman Powell's speech at Jackson Hole later this week for clarity on the direction of US monetary policy,” said Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services Ltd.
International gold prices fell on Monday as risk sentiment improved after the US drug regulator authorised the use of blood plasma from recovered COVID-19 patients as a treatment option, and the dollar held firm, Reuters reported.
Spot gold was down 0.3 percent to $1,933.15 per ounce after hitting a one-week low of $1,910.99 on Friday. US gold futures eased 0.4 percent to $1,940.10.
According to Damai, market participants should consider a cautious approach moving ahead this week after a dip witnessed in the past few sessions.
“Speculators raised their bullish positions in COMEX gold and silver contracts in the week to August 18, according to CFTC. Broader trend on COMEX could be in the range of $1,915- 1,952 and on domestic front prices could hover in the range of Rs 51,500-52,200,” Damani said.
Meanwhile, strength in domestic equity markets on improved risk appetite also pressurized yellow metal prices.
 
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