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Gold rate today: Yellow metal rises; may face resistance at Rs 53,850 per 10 grams

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Gold prices in India traded higher tracking international spot prices that rose to an all-time high on global growth concerns amid fears of the re-imposition of lockdown measures due to spike in coronavirus cases across the world boosting safe-haven demand for the yellow metal, analysts said.

Gold rate today: Yellow metal rises; may face resistance at Rs 53,850 per 10 grams
Gold prices in India traded higher tracking international spot prices that rose to an all-time high on global growth concerns amid fears of the re-imposition of lockdown measures due to spike in coronavirus cases across the world boosting safe-haven demand for the yellow metal, analysts said.
At 11:50 am, gold futures for October delivery rose 0.37 percent to Rs 53,645 per 10 grams as against the previous close of Rs 53,445 and opening price of Rs 53,564on the MCX. Silver futures traded 1.07 percent higher at Rs 65,680 per kg. The prices opened at Rs 65,656 as compared to the previous close of Rs 64,984 per kg.
“The risk sentiment across global is deteriorating as rising infection rates are a real concern for the globe and real support for gold prices. Also, the fall in US 10-year real yields was the most important driver which have a strong inverse relationship with gold,” said Ajay Kedia, director, Kedia Commodity Comtrade.
International gold prices surged to an all-time high as fears over an economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.
Spot gold was steady at $1,973.94 per ounce by, after hitting a record high of $1,984.66 in early Asian trade. US gold futures rose 0.3 percent to $1,992.30.
The overall trend in gold remains bullish and the prices may test $2,060 going ahead, Kedia added.
“Gold may face resistance at Rs 53,850 level. Breaching this, prices may rise to Rs 54,500. Support for gold is placed at Rs 52,800 level,” Kedia said.
Meanwhile, Indian rupee traded lower against the US dollar, amid selling seen in the domestic equity market. The weak rupee also supported the yellow metal prices.
 
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