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Gold rate today: Yellow metal trades lower; may find support at Rs 50,200 per 10 gms level

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Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Wednesday tracking weakness in international spot prices while silver declined half a percent to trade below Rs 63,000 per kg.

Gold rate today: Yellow metal trades lower; may find support at Rs 50,200 per 10 gms level
Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Wednesday tracking weakness in international spot prices while silver declined half a percent to trade below Rs 63,000 per kg.
At 11:15 am, gold futures for December delivery fell 0.39 percent to Rs 50,568  per 10 grams as against the previous close of Rs 50,766 and opening price of Rs 50,600 on the MCX. Silver futures traded 0.49 percent lower at Rs 62,940 per kg. The prices opened at Rs 62,897 as compared to the previous close of Rs 63,248 per kg.
“Gold prices are rangebound and are stuck between optimism over COVID vaccine and rising pandemic cases in various countries. However, the precious metal is likely to trade sideways to lower,” said Ajay Kedia, director, Kedia Commodity Comtrade.
International gold prices edged lower on Wednesday due to optimism over a potential COVID-19 vaccine, but concerns over the economic impact from the resurgence of coronavirus cases in the United States limited their decline, Reuters reported.
Spot gold fell 0.1 percent to $1,877.39 per ounce, while US gold futures were down 0.5 percent at $1,875.30.
The trend in yellow metal seems weak below the $1,900 level, analysts said.
“On MCX, support for gold is seen at Rs 50,200 level while resistance is placed at Rs 51,100. Silver is likely to find support at Rs 61,800 level and may face resistance at Rs 64,200 level,” Kedia added.
 
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