Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Friday tracking a positive trend in the international spot prices while silver price also gained marginally.
At 11:30 am, gold futures for December delivery rose 0.21 percent to Rs 50,705 per 10 grams as against the previous close of Rs 50,600 and opening price of Rs 50,665 on the MCX. Silver futures traded 0.06 percent higher at Rs 62,779 per kg. The prices opened at Rs 62,539 as compared to the previous close of Rs 62,739 per kg.
“Weakness in dollar supports gold and silver. Physical demand also increasing in India on the coming festival season. As for today, traders can buy gold at Rs 50,400 levels with the stop loss of Rs 50,200 levels for the target of Rs 50,900 levels. Buy Silver at Rs 62,300 levels, with the stop loss of Rs 61,700 and for the target of Rs 63,500” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd.
International gold prices inched higher on Friday, as fears over the economic fallout from mounting cases of COVID-19 overshadowed hopes of a vaccine, although the metal was on track for its worst weekly performance since late-September, Reuters reported.
Spot gold rose 0.1 percent to $1,877.14 per ounce. For the week so far, it is down 3.8 percent. US gold futures gained 0.2 percent to $1,876.50.
The dollar index held steady but was on track for a 0.7 percent weekly gain.
“Gold may experience high volatility once it crosses breaks either above $1,885 or below the $1,867 mark. Resistance will be at $1,902 and above same $1,916 while support is at $1,856 and below can see sharp fall towards $1,832,” said Ajay Kedia, director, Kedia Commodity Comtrade.
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