Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Thursday as the international spot prices gained following lower US Treasury yields. Silver prices also traded above Rs 70,000 per kg on MCX.
At 11:05 am, gold futures for June delivery rose 0.37 percent to Rs 47,175 per 10 grams as against the previous close of Rs 47,000 and the opening price of Rs 47,072 on the MCX. Silver futures traded 0.58 percent higher at Rs 70,026 per kg. The prices opened at Rs 69,692 as compared to the previous close of Rs 69,619 per kg.
“Gold prices are back above Rs 47,100 on MCX as the dollar turned easy after US Secretary Janet Yellen clarified that she was neither predicting nor recommending a rate hike. The bias for precious metals remains positive,” said Ajay Kedia, director, Kedia Advisory.
International gold prices edged higher on Thursday as a dip in US treasury yields offset pressure from a stronger dollar, while investors awaited US non-farm payrolls data for April due later this week, a Reuters reports said.
Spot gold was up 0.2 percent at $1,789.53 per ounce. US gold futures rose 0.3 percent to $1,788.60 per ounce.
Benchmark US 10-year Treasury yields hovered close to a one-week low hit on Tuesday, reducing the opportunity cost of holding non-interest bearing gold.
The dollar index, meanwhile, rose 0.1 percent against its rivals, hovering close to a two-week high hit on Wednesday.
Investors will now shift focus to Friday’s US monthly jobs report, which is expected to show non-farm-payrolls increased by 978,000 last month.
“On MCX, support for gold is seen at Rs 46,850 and resistance at placed at Rs 47,550. Silver may find support at Rs 68,600 and resistance at Rs 71,500,” Kedia added.
Here are gold rates across major cities:
Here are silver rates across major cities:
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