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Gold rate today: Yellow metal rises; buy for a target of Rs 49,550 per 10 grams, say analysts

Gold rate today: Yellow metal rises; buy for a target of Rs 49,550 per 10 grams, say analysts

Gold rate today: Yellow metal rises; buy for a target of Rs 49,550 per 10 grams, say analysts
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By Ankit Gohel  Jul 13, 2020 11:45:34 AM IST (Updated)

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday following positive momentum in the international spot prices as concerns over rising coronavirus cases globally kept safe-haven appeal intact, analysts said.

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday following positive momentum in the international spot prices as concerns over rising coronavirus cases globally kept safe-haven appeal intact, analysts said.

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At 11:35 am, gold futures for August delivery rose 0.41 percent to Rs 49,064 per 10 grams as against the previous close of Rs 48,863 and opening price of Rs 49,046 on the MCX. Silver futures traded 1.75 percent higher at Rs 52,261 per kg. The prices opened at Rs 51,780 as compared to the previous close of Rs 51,362 per kg.
“Gold prices resumed upside after a small correction in previous sessions. The surplus liquidity scenario and safe-haven demand on rising pandemic infection cases continue to support the gold prices,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.
International gold prices rose on Monday, holding ground above the key $1,800 per ounce level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned, Reuters reported.
Spot gold was up 0.4 percent at $1,805.03 per ounce by 0525 GMT. US gold futures rose 0.4 percent to $1,808.40.
In the domestic market, softening of Indian rupee against the US dollar supported the yellow metal prices.
“Going ahead, gold is expected to trade with a positive bias. Investors can buy at Rs 48,900 – 48,950 levels with a target of Rs 49,350- 49,550 on the MCX. Support for gold is placed at Rs 48,700 level,” Sajeja added.
 
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