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    Gold rate today: Yellow metal trades flat; may face resistance at Rs 48,900 per 10 grams level

    Gold rate today: Yellow metal trades flat; may face resistance at Rs 48,900 per 10 grams level

    Gold rate today: Yellow metal trades flat; may face resistance at Rs 48,900 per 10 grams level
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    By Ankit Gohel   IST (Updated)

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    Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Monday following a muted trend in the international spot prices amid a stronger dollar. At 11:00 am, gold futures for February delivery rose 0.11 percent to Rs 48,755 per 10 grams as against the previous close of Rs 48,702 and opening price of Rs 48,669 on the MCX. Silver futures traded 0.67 percent higher at Rs 65,200 per kg. The prices opened at Rs 65,055 as compared to the previous close of Rs 64,764 per kg.

    Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Monday following a muted trend in the international spot prices amid a stronger dollar.
    At 11:00 am, gold futures for February delivery rose 0.11 percent to Rs 48,755 per 10 grams as against the previous close of Rs 48,702 and opening price of Rs 48,669 on the MCX. Silver futures traded 0.67 percent higher at Rs 65,200 per kg. The prices opened at Rs 65,055 as compared to the previous close of Rs 64,764 per kg.
    In the previous trading session on January 15, gold prices fell due to gains in the dollar, rising bond yields, strong US Industrial Production, and rising inflation expectations.
    “The gold price declined earlier on a strong US dollar. However, short-covering from low levels and prospects of a massive US coronavirus relief aid supported the yellow metal prices,” said Ajay Kedia, director, Kedia Commodity Comtrade.
    Experts are of the view that the trend in gold price is likely to remain sideways to positive.
    International gold prices steadied after dropping to their lowest in 1-1/2 months on Monday, as prospects of a massive US coronavirus relief aid outweighed a stronger dollar and lifted bullion's appeal as an inflation hedge, a Reuters report said.
    Spot gold was steady at $1,826.79 per ounce, after having dropped to their lowest since December 2, 2020 at $1,809.90 earlier in the session. US gold futures eased 0.2 percent to $1,826.60.
    “On MCX, gold may find support at Rs 48,480 level while support is placed at Rs 48,900 level. Silver may see support at Rs 63,800 level and resistance at Rs 66,500 level,” Kedia said.
    Meanwhile, losses in the domestic equity market and volatile Indian rupee supported the investment demand for the precious metal.
    (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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