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Commodities

Gold rate today: Yellow metal rises; may face resistance at Rs 49,350 per 10 grams level

Updated : July 09, 2020 11:58 AM IST

Sustained inflows in gold ETF and weakness in Indian rupee also lent support to domestic yellow metal prices, analysts said.

US gold futures were flat at $1,819.80.

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Thursday amid muted trend in the international spot prices. Safe-haven appeal for gold remained intact on mounting fears over the fast spread of coronavirus infections. Denting hopes of swift economic recovery globally also supported the yellow metal prices, analysts said.

At 11:20 am, gold futures for August delivery rose 0.13 percent to Rs 49225 per 10 grams as against the previous close of Rs 49,159 and opening price of Rs 49,139 on the MCX. Silver futures traded 0.77 percent higher at Rs 51780 per kg. The prices opened at Rs 51,443 as compared to the previous close of Rs 51,382 per kg.

Prices of gold futures hit an all-time high of Rs 49,348 per 10 grams on Wednesday, as investors load up on the precious metal, which has beaten all major asset classes this year.

“Rising investment demand amid economic growth concerns is driving the gold prices to all-time highs. The outlook still remains bullish on strong fundamentals,” said Jigar Trivedi, Fundamental Research Analyst at Anand Rathi.

In the international market, gold held steady above the key $1,800/oz level on Thursday, as worries over mounting COVID-19 cases offset hopes of a swift global economic recovery, Reuters reported.

Spot gold was little changed at $1,808.44 per ounce by 0243 GMT, after rising to its highest level since September 2011 at $1,817.71 on Wednesday. US gold futures were flat at $1,819.80.

“Comex gold may face resistance at $1,835 level while support is placed at $1,800 levels. On MCX, resistance for gold prices is placed at Rs 49,350-49,500 levels while support is seen at Rs 49,100-48,900 levels,” Trivedi added.

Sustained inflows in gold ETF and weakness in Indian rupee also lent support to domestic yellow metal prices, analysts said.

The gold ETF segment has seen net inflows in every month this year except March, with net inflows of nearly Rs 3,500 crore this year.

Globally, data from World Gold Council shows that the gold ETF now hold a whopping 3,621 tons as underlying to cover the investments in the funds.

(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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