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    Gold rate today: Yellow metal rises above Rs 46,000 per 10 grams; experts suggest buy on dips

    Gold rate today: Yellow metal rises above Rs 46,000 per 10 grams; experts suggest buy on dips

    Gold rate today: Yellow metal rises above Rs 46,000 per 10 grams; experts suggest buy on dips
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    By Ankit Gohel   IST (Updated)

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    Gold prices edged higher as worries over a surge in cases of the Delta coronavirus variant outweighed pressure from a stronger dollar and bond yields, with investors awaiting US inflation data due later in the day.

    Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday tracking gains in international spot prices amid concerns over rising Delta variant cases of coronavirus, analysts said.
    At 11:35 am, gold futures for October delivery rose 0.15 percent to Rs 46,030 per 10 grams as against the previous close of Rs 45,962 and the opening price of Rs 46,011 on the MCX. Silver futures traded 0.09 percent lower at Rs 62,582 per kg. The prices opened at Rs 62,697 as compared to the previous close of Rs 62,636 per kg.
    “Gold prices are likely to remain sideways to positive and buying on dips is suggested. Fresh concern over the Delta variant of coronavirus is supporting the safe-haven appeal for the yellow metal. Silver may remain rangebound,” said Ajay Kedia, Director, Kedia Advisory.
    Meanwhile, a stronger US dollar is limiting gains in precious metal prices.
    International gold prices edged higher on Wednesday, as worries over a surge in cases of the Delta coronavirus variant outweighed pressure from a stronger dollar and bond yields, with investors awaiting US inflation data due later in the day.
    Spot gold was up 0.2 percent at $1,732.61 per ounce, while US gold futures rose 0.1 percent to $1,733.90.
    “On MCX, support for gold is seen at Rs 45,780 and resistance is placed at Rs 46,400. Silver may trade in the range of Rs 61,800-63,400,” Kedia added.
    Investors now eye the monthly US personal consumption report that could influence the Fed's timeline to taper monetary support.
    "Gold prices continuously trading below $1,750 amidst an awful fundamental set up. Prices are anticipated to see more headwinds basis higher global participation in the equity market, recovering in crypto, tapering hints, strong dollar and bond yields. $1,670 will act now as a key support level for precious metal while we may see some bullish traction coming back only above $1750/0z,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.
    Meanwhile, a weak Indian rupee amid selling in the domestic equity market also supported the prices of precious metals.
    “Gold on MCX also following the global price pattern and somehow managing Rs 45,500 level. Our outlook for gold today is sideways with a narrow trading range. Market participants are advised to follow key pivotal levels on both the sides and avoid operating biases,” Matta added.
    (Disclaimer
    : The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.)
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