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Gold rate today: Yellow metal rises above Rs 49,500 per 10 grams; experts suggest buy on dips

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Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Wednesday following a muted trend in the international spot prices amid mixed cues, analysts said. At 11:25 am, gold futures for August delivery rose 0.27 percent to Rs 49,557 per 10 grams as against the previous close of Rs 49,425 and the opening price of Rs 49,311 on the MCX. Silver futures traded 0.11 percent lower at Rs 72,167 per kg. The prices opened at Rs 72,000 as compared to the previous close of Rs 72,248 per kg.

Gold rate today: Yellow metal rises above Rs 49,500 per 10 grams; experts suggest buy on dips
Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Wednesday following a muted trend in the international spot prices amid mixed cues, analysts said.
At 11:25 am, gold futures for August delivery rose 0.27 percent to Rs 49,557 per 10 grams as against the previous close of Rs 49,425 and the opening price of Rs 49,311 on the MCX. Silver futures traded 0.11 percent lower at Rs 72,167 per kg. The prices opened at Rs 72,000 as compared to the previous close of Rs 72,248 per kg.
“Strong US manufacturing data and higher US Treasury yields dented the demand for safe-haven asset gold. However, concerns over inflation is limiting the downside for the yellow metal prices,” said Ajay Kedia, Sirector, Kedia Advisory.
International gold prices dipped on Wednesday, as elevated Treasury yields and an uptick in risk appetite weighed on the safe-haven metal, while investors awaited US jobs data due this week for cues on economic recovery and near-term Federal Reserve policy action, said a Reuters report.
Spot gold was down 0.2 percent at $1,896.39 per ounce, after hitting its highest since January 8 at $1,916.40 on Tuesday. US gold futures eased 0.4 percent to $1,898.30 per ounce.
The US 10-year Treasury yield held firm above 1.6 percent after hitting a more than one-week high, increasing the opportunity cost of holding non-interest-bearing gold.
Going ahead, market participants will focus on the US payrolls data due on Friday that can shed more light on global economic recovery.
According to Kedia, gold is expected to trade sideways to positive.
“On MCX, gold may find support at Rs 49,100 and resistance is seen at Rs 49,880. Support for silver is placed at Rs 71,100 and resistance at Rs 73,800,” Kedia added.
Meanwhile, weakness in the Indian rupee amid selling in the domestic equity market supported the yellow metal at lower levels.
Here are gold rates across major cities:
Here are silver rates across major cities:
 
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