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    Gold rate today: Yellow metal rises; may face resistance at Rs 46,200 per 10 grams level

    Gold rate today: Yellow metal rises; may face resistance at Rs 46,200 per 10 grams level

    Gold rate today: Yellow metal rises; may face resistance at Rs 46,200 per 10 grams level
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    By Ankit Gohel   IST (Published)

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    Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday tracking a positive momentum in the international spot prices on a weak US dollar and the US stimulus package. Silver prices also rose over 1 percent.

    Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday tracking a positive momentum in the international spot prices on a weak US dollar and the US stimulus package. Silver prices also rose over 1 percent.
    At 11:20 am, gold futures for April delivery rose 0.41 percent to Rs 45,923 per 10 grams as against the previous close of Rs 45,736 and opening price of Rs 46,000 on the MCX. Silver futures traded 0.98 percent higher at Rs 69,459 per kg. The prices opened at Rs 69,854 as compared to the previous close of Rs 68,784 per kg.
    “Gold prices rose after the US passed the stimulus package, but the overall trend looks weak. Gold may consolidate nears Rs 45,000 level going ahead. Hence, sell gold on rise is advised,” said Amit Sajeja, VP Research - Commodities & Currencies at Motilal Oswal.
    US President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday. Dollar slipped from a one-week high hit in the previous session, raising gold’s appeal for holders of other currencies.
    International gold prices rose 1 percent on Monday, recovering from a more than eight-month low touched in the previous session, as the dollar weakened and the United States passed a massive $1.9 trillion stimulus package, a Reuters report said.
    Spot gold was up 0.9 percent at $1,749.77 per ounce, after hitting its lowest since June at $1,716.85 on Friday. US gold futures rose 1 percent to $1,746.70.
    “On MCX, gold may face resistance at Rs 46,200-46,500 level and support is seen at Rs 45,300-45,500 levels. Silver may face resistance at Rs 70,000 level and support is placed at Rs 68,500 level,” Sajeja said.
    Here are gold rates across major cities:
    Source: Kedia Advisory
    Here are silver rates across major cities:
    Source: Kedia Advisory
    (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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