HomeMarket NewsCommodities NewsGold rate today: Yellow metal trades higher; may face resistance at 47,550 per 10 grams; Silver jumps 1%

Gold rate today: Yellow metal trades higher; may face resistance at 47,550 per 10 grams; Silver jumps 1%

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Thursday as the international spot prices gained after the US Federal Reserve pledged to maintain an easy monetary policy to aid economic recovery, analysts said. At 11:00 am, gold futures for June delivery rose 0.10 percent to Rs 47,142 per 10 grams as against the previous close of Rs 47,093 and the opening price of Rs 47,245 on the MCX. Silver July futures contract traded 0.92 percent higher at Rs 69,680 per kg. The prices opened at Rs 69,600 as compared to the previous close of Rs 69,043 per kg.

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By Ankit Gohel  April 29, 2021, 4:04:47 PM IST (Updated)

Gold rate today: Yellow metal trades higher; may face resistance at 47,550 per 10 grams; Silver jumps 1%
Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Thursday as the international spot prices gained after the US Federal Reserve pledged to maintain an easy monetary policy to aid economic recovery, analysts said.


At 11:00 am, gold futures for June delivery rose 0.10 percent to Rs 47,142 per 10 grams as against the previous close of Rs 47,093 and the opening price of Rs 47,245 on the MCX. Silver July futures contract traded 0.92 percent higher at Rs 69,680 per kg. The prices opened at Rs 69,600 as compared to the previous close of Rs 69,043 per kg.

“The gold rose after the US Federal Reserve kept the interest rate unchanged. A weak dollar also lent support to gold and silver prices. The bias for precious metal remains positive as the dollar is expected to fall further,” said Amit Sajeja, Vice President, Research - Commodities & Currencies,‎ Motilal Oswal.

International gold prices rose on Thursday as the dollar weakened after the US Federal Reserve decided to keep interest rates low for the foreseeable future even though it took a rosier view of the economic recovery, a Reuters report said.

Spot gold gained 0.3 percent to $1,786.36 perounce. US gold futures rose 0.7 percent to $1,786.50 per ounce.

The dollar index edged 0.1 percent lower against its rivals, boosting gold’s appeal for other currency holders.

The Federal Reserve held interest rates and its bond-buying program steady on Wednesday after its two-day policy meet despite taking a rosier view of the US economic recovery.

Meanwhile, on the domestic front, strength in the Indian rupee against the US dollar may restrict gains in the precious metals.

“Gold prices are likely to gain further support amid rising COVID-19 cases and lower US bond yields. Silver gained on the back of a sharp rally in copper and base metal prices,” said Ajay Kedia, Director, Kedia Advisory.

“On MCX, support for gold is seen at Rs 46,850 and resistance at Rs 47,550. Silver may find support at Rs 67,600 and resistance at Rs 69,800,” Kedia added.



Here are gold rates across major cities:



Here are silver rates across major cities:





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