Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday tracking gains in international spot prices which were trading near a three-month high after a drop in US dollar and Treasury yields, analysts said.
At 10:30 am, gold futures for June delivery rose 0.28 percent to Rs 47,885 per 10 grams as against the previous close of Rs 47,751 and the opening price of Rs 47,820 on the MCX. Silver futures traded 1.13 percent higher at Rs 72,233 per kg. The prices opened at Rs 71,507 as compared to the previous close of Rs 71,429 per kg.
“The US dollar fell and 10-year benchmark yield also slipped after weaker than expected non-farm payroll data, supporting the precious metal prices. The trend in gold and silver remains positive going ahead,” said Ajay Kedia, Director, Kedia Advisory.
International gold prices inched higher on Monday to trade near a three-month peak hit last week after weaker-than-expected US jobs data supported hopes that interest rates will remain low for some time, bolstering the metal’s appeal, a Reuters report said.
Spot gold was up 0.1 percent at $1,832.26 per ounce, after hitting its highest since February 11 at $1,842.91 in the previous session. US gold futures were up 0.1 percent at $1,832.60 per ounce.
The dollar index languished near a more than two-month low against its rivals.
Further, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.6 percent on Friday, reflecting increased investor interest in gold.
According to Kedia gold breached an important level of $1,800 last week and as the momentum looks bullish, $1,856 will be the next key level to watch for gold.
“On MCX, gold may face resistance at Rs 48,100 and support is seen at Rs 47,480. Silver may find resistance at Rs 73,800 and support is placed at Rs 70,000,” Kedia added.
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.)