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Gold rate today: Yellow metal trades flat; buy for a target of 51,200 levels, suggest experts

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Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices on uncertainties over the stimulus package in the US and firm dollar. At 11:00 am, gold futures for December delivery eased 0.07 percent to Rs 50,679 per 10 grams as against the previous close of Rs 50,712 and opening price of Rs 50,586 on the MCX. Silver futures traded 0.36 percent higher at Rs 61,755 per kg. The prices opened at Rs 61,649 as compared to the previous close of Rs 61,535 per kg.

Gold rate today: Yellow metal trades flat; buy for a target of 51,200 levels, suggest experts
Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices on uncertainties over the stimulus package in the US and firm dollar, analysts said.
At 11:00 am, gold futures for December delivery eased 0.07 percent to Rs 50,679 per 10 grams as against the previous close of Rs 50,712 and opening price of Rs 50,586 on the MCX. Silver futures traded 0.36 percent higher at Rs 61,755 per kg. The prices opened at Rs 61,649 as compared to the previous close of Rs 61,535 per kg.
Meanwhile, a tighter COVID-19 lockdown in London as the second wave of the pandemic spreads through Europe along with increasing cases in the US Midwest, lent support to the yellow metal.
“Gold is trading rangebound amid uncertainties over the US stimulus package. An uptick in US dollar pressurized the yellow metal prices. However, downside looks restricted due to concerns over rising COVID-19 cases and fresh lockdown in London,” said Ajay Kedia, Director, Kedia Commodity Comtrade.
“On MCX, gold may find support at Rs 50,200 while resistance is placed at Rs 51,050 level. Support for silver is seen at Rs 60,200 while it may face resistance at Rs 62,400 level,” Kedia said.
International gold slipped and looked set to post its first weekly drop in three, as the dollar held firm while additional US fiscal stimulus appeared unlikely before the presidential election, Reuters reported.
Spot gold was down 0.1 percent to $1,906.80 per ounce, losing 1.2 percent so far in the week. US gold futures were up 0.2 percent at $1,912.20.
The dollar index was headed for its first weekly gain in three, supported by surging coronavirus cases and stalled progress toward US stimulus.
The International Monetary Fund expressing worries over the outlook for many emerging markets as the virus continued to spread limited the losses for the safe haven, Gold, said Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd.
“As for today traders can go for buy in gold at Rs 50,500 levels with the stop loss of Rs 50,250 levels for the target of 51,200 levels. They can also go for buy in Silver at Rs 61,300 levels, with the stop loss of 60,800 levels and for the target of 62,400 levels,” Gupta added.
 
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