Gold rate today: Yellow metal trades higher; may face resistance at Rs 47,650 per 10 grams level

Updated : February 16, 2021 11:48 AM IST

The upside for the precious metal prices remains limited on improved investor risk appetite and progress on the COVID-19 vaccine front globally.

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday tracking a positive momentum in the international spot prices, while silver prices also gained nearly one percent.

At 11:35 am, gold futures for April delivery rose 0.21 percent to Rs 47,341 per 10 grams as against the previous close of Rs 47,241 and opening price of Rs 47,409 on the MCX. Silver futures traded 0.16 percent higher at Rs 70,244 per kg. The prices opened at Rs 70,510 as compared to the previous close of Rs 70,129 per kg.

“Gold prices are rangebound and are expected to trade at the higher range amid weakness in the US dollar. Silver is supported by a rally in base metal prices,” said Amit Sajeja, Vice President - Research- Commodities & Currencies · ‎Motilal Oswal.

Sajeja is of the view that the upside for the precious metal prices remains limited on improved investor risk appetite and progress on the COVID-19 vaccine front globally. However, he said that the bias for gold and silver price would remain positive.

“The risk-on-mode will cap the gains for the precious metals. The rally in equity markets globally may pressurise gold prices. However, investors can buy gold on dips,” Sajeja said.

According to him, gold may face resistance at Rs 47,650-47,800 level on MCX, while support is seen at Rs 47,250 level. Resistance for silver is seen at Rs 71,300 and support is placed at Rs 69,650-70,000 level.

Meanwhile, strong Indian rupee amid gains in the domestic equity market may also pressuring the domestic gold and silver prices.

Here are gold rates across major cities:

Source: Kedia Commodities

Here are silver rates across major cities:

Source: Kedia Commodities

(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 : February 16, 2021 11:46 AM IST

Gold rate today: Yellow metal trades higher; may face resistance at Rs 47,650 per 10 grams level

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