This article is more than 1 year old.

Gold rate today: Yellow metal trades flat near Rs 50,000 per 10 grams level; Silver rises

Mini

Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Wednesday following a positive trend in the international spot prices on a weak dollar. Silver prices also rose by 1 percent. At 11:20 am, gold futures for February delivery eased 0.03 percent to Rs 50,025 per 10 grams as against the previous close of Rs 50,039 and opening price of Rs 50,179 on the MCX. Silver futures traded 0.65 percent higher at Rs 68,537 per kg. The prices opened at Rs 68,500 as compared to the previous close of Rs 68,097 per kg.

Gold rate today: Yellow metal trades flat near Rs 50,000 per 10 grams level; Silver rises
Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Wednesday following a positive trend in the international spot prices on a weak dollar. Silver prices also rose by 1 percent.
At 11:20 am, gold futures for February delivery eased 0.03 percent to Rs 50,025 per 10 grams as against the previous close of Rs 50,039 and opening price of Rs 50,179 on the MCX. Silver futures traded 0.65 percent higher at Rs 68,537 per kg. The prices opened at Rs 68,500 as compared to the previous close of Rs 68,097 per kg.
“Gold prices are in a consolidation phase with a higher bias. It has been trading in a range of $1,870-1,900 in the international market. The trend for gold prices remains positive amid a weaker US dollar,” said Amit Sajeja, VP Research - Commodities & Currencies at Motilal Oswal.
International gold inched higher on Wednesday as the dollar eased, while investors weighed a top US Republican leader's decision to postpone a vote on increased pandemic relief payments, a Reuters report said.
Spot gold rose 0.3 percent to $1,883.88 per ounce. US gold futures were up 0.2 percent at $1,887.40.
The dollar index fell 0.2 percent, hovering close to its lowest level in more than two years, as traders looked past Republican Senate Majority Leader Mitch McConnell's decision to put off a vote on increasing COVID-19 relief checks to $2,000 from $600.
US dollar is seen as a hedge against inflation and currency debasement likely to result from large stimulus measures rolled out this year to cushion the impact of the pandemic.
Experts believe the volumes in precious metals to remain muted and investors can use any dip in the gold price as a buying opportunity.
“The precious metal is expected to trade with a positive bias and any drop can be used to buy. Support for gold is seen at Rs 49,800 level and resistance at Rs 50,500 level. Breaching this resistance level, the yellow metal may test Rs 51,100 level soon,” Sajeja said.
Support for silver is seen at Rs 67,500 level while resistance is placed at Rs 69,500 level, breaching this, silver prices may test Rs 70,000 level, Sajeja added.
(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.)
next story

Market Movers

Currency

CompanyPriceChng%Chng