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Gold rate today: Yellow metal falls; Support seen at Rs 50,500 per 10 grams

market | Sept 9, 2020 10:53 AM IST

Gold rate today: Yellow metal falls; Support seen at Rs 50,500 per 10 grams

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Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Wednesday tracking weakness in international spot prices amid a recovery in dollar and as investors globally await monetary policy strategies from central banks, analysts said. At 10:45 am, gold futures for October delivery fell 0.47 percent to Rs 51,111 per 10 grams as against the previous close of Rs 51,353 and opening price of Rs 51,165 on the MCX. Silver futures traded 0.85 percent lower at Rs 67,910 per kg. The prices opened at Rs 68,056 as compared to the previous close of Rs 68,494 per kg.

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Wednesday tracking weakness in international spot prices amid a recovery in the dollar and as investors globally await monetary policy strategies from central banks, analysts said.

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At 10:45 am, gold futures for October delivery fell 0.47 percent to Rs 51,111 per 10 grams as against the previous close of Rs 51,353 and opening price of Rs 51,165 on the MCX. Silver futures traded 0.85 percent lower at Rs 67,910 per kg. The prices opened at Rs 68,056 as compared to the previous close of Rs 68,494 per kg.
MCX Bulldex traded at 15998, down 0.57 percent against the previous close of 16089 and opening of 16038.
“Gold and silver are trading lower on the back of sharp recovery in US dollar as investors weighed whether an accommodative turn from the European Central Bank later this week could hit the euro, while the pound nursed losses due to Brexit uncertainty. Although, recovery in the US dollar over rising demand from banks and encouraging US employment data made Gold expensive for other currency holders,” said Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd.
International gold prices slipped on Wednesday as the US dollar rose to multi-week highs ahead of monetary policy strategies from major central banks in North America and Europe, Reuters reported.
Spot gold was down 0.3 percent to $1,925.20 per ounce. US gold futures fell 0.4 percent to $1,935.20.
“As of today, traders sell gold at Rs 51,300 levels with the stop loss of Rs 51,850 levels for the target of 50,500 levels. Sell Silver at Rs 68,500 levels, with the stop loss of 69,900 levels and for the target of 65,000 levels. In the Bullion index “Bulldex” traders can also go for sell at 16100 with the stop loss of 16250 and for the target of 15800,” Gupta added.
Meanwhile, the Indian rupee weakened against the US dollar amid selling in the domestic equity markets.
 
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