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Gold rate today: Yellow metal gains; Siver jumps over 1% on weak dollar

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Gold prices in India traded marginally higher on the Multi Commodity Exchange (MCX) Monday following positive momentum in the international spot prices amid weak US dollar. The dollar index declined from its one-week high level hit in the previous session. Silver prices rose by over 1 percent. At 11:00 am, gold futures for October delivery rose 0.17 percent to Rs 50,765 per 10 grams as against the previous close of Rs 50,678 and opening price of Rs 50,801 on the MCX. Silver futures traded 1.28 percent higher at Rs 68,129 per kg. The prices opened at Rs 68,232 as compared to the previous close of Rs 67,266 per kg.

Gold rate today: Yellow metal gains; Siver jumps over 1% on weak dollar
Gold prices in India traded marginally higher on the Multi Commodity Exchange (MCX) Monday following positive momentum in the international spot prices amid weak US dollar. The dollar index declined from its one-week high level hit in the previous session. Silver prices rose by over 1 percent.
At 11:00 am, gold futures for October delivery rose 0.17 percent to Rs 50,765 per 10 grams as against the previous close of Rs 50,678 and opening price of Rs 50,801 on the MCX. Silver futures traded 1.28 percent higher at Rs 68,129 per kg. The prices opened at Rs 68,232 as compared to the previous close of Rs 67,266 per kg.
Last week, Gold prices corrected by 1.50 percent while silver prices also corrected sharply by 2.28 percent due to a sharp recovery in the US Dollar Index on the back of a fall in US Jobless claim and positive economic data.
“However, the losses for the yellow metal were limited as US Federal Reserve’s officials signaled towards a prolonged lower interest environment and more stimulus measures in the coming months to help the economy get back on track,” said Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd.
International gold edged higher on Monday after weak US data raised concerns over a quick economic rebound from the coronavirus-led slump and cemented hopes that lower interest rates would last longer, Reuters reported.
Spot gold was up 0.2 percent at $1,935.50 per ounce, moving further away from a one-week low of $1,916.24 touched on Friday. US markets are shut for the Labor Day holiday on Monday. US gold futures rose 0.5 percent to $1,943.40.
“Traders can sell gold at Rs 51,100 levels with the stop loss of Rs 51,450 levels for the target of 50,200 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 sell at 16,000 with the stop loss of 16,250 and for the target of 15,700,” Gupta added.
Meanwhile, a fall in domestic equity markets and a flat rupee against the US dollar supported the gold prices.
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