Gold rate today: Yellow metal trades flat near Rs 48,400 per 10 grams; experts suggest buy on dips

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Gold prices in India traded marginally lower on the Multi Commodity Exchange (MCX) Tuesday after a sharp rally in the previous session. Experts believe the bias for gold and silver remains positive and any dip in prices is a buying opportunity. At 10:25 am, gold futures for June delivery eased 0.14 percent to Rs 48,407 per 10 grams as against the previous close of Rs 48,474 and opening price of Rs 48,419 on the MCX. Silver July futures traded 0.85 percent higher at Rs 73,950 per kg. The prices opened at Rs 73,755 as compared to the previous close of Rs 73,324 per kg.

Gold rate today: Yellow metal trades flat near Rs 48,400 per 10 grams; experts suggest buy on dips
Gold prices in India traded marginally lower on the Multi Commodity Exchange (MCX) Tuesday after a sharp rally in the previous session. Experts believe the bias for gold and silver remains positive and any dip in prices is a buying opportunity.
At 10:25 am, gold futures for June delivery eased 0.14 percent to Rs 48,407 per 10 grams as against the previous close of Rs 48,474 and opening price of Rs 48,419 on the MCX. Silver July futures traded 0.85 percent higher at Rs 73,950 per kg. The prices opened at Rs 73,755 as compared to the previous close of Rs 73,324 per kg.
“After a sharp rally in the previous session, gold prices are seeing a technical pullback. However, the bias for both the precious metals remains positive due to weakness in the dollar and lower US Treasury yields. Hence, buy on dips is suggested,” said Ajay Kedia, Director, Kedia Advisory.
International gold prices extended gains on Tuesday, hitting their highest level in more than three-and-a-half months, as a weaker US dollar and growing inflationary pressure bolstered the metal’s appeal as an inflation hedge, a Reuters report said.
Spot gold was up 0.1 percent at $1,868.27 per ounce, after hitting its highest since January 29 at $1,873.41 earlier in the day. US gold futures were steady at $1,868.30.
The dollar index slipped 0.1 percent to hit a one-week low against its rivals, making gold less expensive for other currency holders.
Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.7 percent to 1,035.93 tonnes on Monday, their highest since late-March.
“On MCX, gold may find support at Rs 47,940 and resistance at Rs 48,850. Support for silver is seen at Rs 72,600 and resistance is placed at Rs 75,000,” Kedia added.
Here are gold rates across major cities:
Here are silver rates across major cities:
 
(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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