Gold rate today: Yellow metal trades higher; may face resistance at Rs 45,200 per 10 grams

Updated : March 24, 2021 10:49:06 IST

Rising COVID-19 infection cases in Europe and India is lifting the safe-haven appeal for gold.

US gold futures were up 0.4 percent at $1,732.70 per ounce.

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday tracking gains in international spot prices. A weakening rupee also aided yellow metal prices.

At 10:40 am, gold futures for April delivery rose 0.48 percent to Rs 44,859 per 10 grams as against the previous close of Rs 44,646 and opening price of Rs 44,800 on the MCX. Silver May futures traded 0.43 percent higher at Rs 65,253 per kg. The prices opened at Rs 65,139 as compared to the previous close of Rs 64,972 per kg.

“Gold prices gained as the US Treasury yields held back. Rising COVID-19 infection cases in Europe and India is lifting the safe-haven appeal for gold. Silver traded higher amid gains in base metal prices. The precious metals are expected to trade sideways-to-positive,” said Ajay Kedia, director, Kedia Advisory.

International gold prices rose on Wednesday as US Treasury yields held close to one-week low, with bullion shrugging off strength in the dollar following Federal Reserve Chairman Jerome Powell’s reassurance that inflation would not spiral out of control.

Spot gold was up 0.3 percent at $1,731.75 per ounce. US gold futures were up 0.4 percent at $1,732.70 per ounce.

Treasury yields slipped to the lowest since March 16, while the dollar jumped above a two-week high after Powell told US lawmakers on Tuesday he expected inflation to rise over the year but it would be “neither particularly large nor persistent.”

“On MCX, gold may face resistance at Rs 45,200 and support is seen at Rs 44,500 level. Resistance is folver is seen at Rs 66,800 and support at Rs 64,400 level,” Kedia said.

Meanwhile, weakness in the Indian rupee amid selling in the domestic equity market also supported the yellow metal prices.

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.)

Published : March 24, 2021 10:48 AM IST

Gold rate today: Yellow metal trades higher; may face resistance at Rs 45,200 per 10 grams

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