Gold rate today: Yellow metal trades flat; support seen at Rs 47,900 per 10 grams

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Gold prices edged higher on Monday, lifted by a retreat in US Treasury yields and concerns that a surge in coronavirus cases could dampen global economic recovery, though an uptick in the dollar limited the safe-haven metal’s appeal.

Gold rate today: Yellow metal trades flat; support seen at Rs 47,900 per 10 grams
Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Monday tracking a positive trend in the international spot prices on concerns over rising coronavirus cases. However, strong US dollar limited gains in the yellow metal, analysts said.
At 11:30 am, gold futures for August delivery rose 0.04 percent to Rs 48,070 per 10 grams as against the previous close of Rs 48,053 and the opening price of Rs 48,083 on the MCX. Silver futures traded 0.65 percent lower at Rs 67,875 per kg. The prices opened at Rs 68,121 as compared to the previous close of Rs 68,319 per kg.
“Gold and silver prices are expected to remain sideways to lower amid a rise in US dollar. However, concerns over a surge in Delta variant of coronavirus in Asian countries are restricting the losses for the yellow metal,” said Amit Sajeja, VP Research - Commodities & Currencies, Motilal Oswal.
International gold prices edged higher on Monday, lifted by a retreat in US Treasury yields and concerns that a surge in coronavirus cases could dampen global economic recovery, though an uptick in the dollar limited the safe-haven metal’s appeal, said a Reuters report.
Spot gold was up 0.1 percent at $1,812.06 per ounce, after falling 1 percent in the previous session. US gold futures were steady at $1,815.10.
“Gold may find support at $1,800 level and at Rs 47,900 on MCX, while resistance is placed at $1,820 and Rs 48,350 in the domestic market. Support for silver is seen at Rs 67,500 and resistance at Rs 69,200 levels,” Sajeja added.
Meanwhile, benchmark 10-year Treasury yields held near more than one-week low, reducing the opportunity cost of holding non-interest bearing gold.
However, safe-haven gains for the US dollar limited gold’s appeal, as the dollar index strengthened 0.1 percent and edged towards a three-month high against its rivals.
“Gold’s fair value seems to determine around $1,800 level as the yellow metal is struggling to breach $1,835 levels in absence of new fundamental news, rising US dollar and looming threats of delta variant. A strong rally in global equity markets has also dampened the safe-haven status of gold,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.
Matta believes that the US dollar would be a key driver of gold prices for the next few days and any further increase in the dollar will impact negatively the safe heaven.
“Our outlook for the gold is neutral as of now until it crosses and sustains above Rs 48,500 levels. Long term investors are again advised to wait for some more correction for making a fresh entry while day traders need to be proactive in capturing small profit both the side,” he added.
 
Here are gold rates across major cities:
Here are silver rates across major cities:
 
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