HomeMarket NewsCommodities NewsGold rate today: Yellow metal trades flat near Rs 47,500 per 10 grams level; silver gains

Gold rate today: Yellow metal trades flat near Rs 47,500 per 10 grams level; silver gains

Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices amid a stable US dollar, while silver prices gained. At 11:25 am, gold futures for April delivery added 0.04 percent to Rs 47,528 per 10 grams as against the previous close of Rs 47,508 and opening price of Rs 47,411 on the MCX. Silver futures traded 0.57 percent higher at Rs 68,880 per kg. The prices opened at Rs 68,506 as compared to the previous close of Rs 68,492 per kg.

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By Ankit Gohel  February 12, 2021, 11:36:36 AM IST (Updated)

Gold rate today: Yellow metal trades flat near Rs 47,500 per 10 grams level; silver gains
Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices amid a stable US dollar, while silver prices gained.


At 11:25 am, gold futures for April delivery added 0.04 percent to Rs 47,528 per 10 grams as against the previous close of Rs 47,508 and opening price of Rs 47,411 on the MCX. Silver futures traded 0.57 percent higher at Rs 68,880 per kg. The prices opened at Rs 68,506 as compared to the previous close of Rs 68,492 per kg.

“The gold prices were marginally lower on a stable US dollar. However, hopes of US stimulus package is supporting the yellow metal. Silver prices gained after a rise in base metals,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold eased on Friday as the dollar and Treasury yields edged higher, but prices were on course for their best week in three as hopes of more US stimulus underpinned the metal, a Reuters report said.

Spot gold dipped 0.3 percent to $1,820.73 per ounce. Prices were up 0.5 percent so far this week. US gold futures slipped 0.3 percent to $1,821.10.

Trading remained muted as many parts of Asia remained closed for the Chinese new year holiday.

“We may see short covering in the yellow metal. The trend is expected to remain sideways-to-positive,” said Kedia.

According to him, on MCX, gold may find support at Rs 47,200 level, while resistance is placed at Rs 47,900 level. Silver may face resistance at Rs 70,000, while support is seen at Rs 67,600 level.

Meanwhile, gains in the domestic equity market amid strength in rupee may pressurize the yellow metal prices.

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