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    Gold rate today: Yellow metal trades lower, support seen at Rs 51,000 level; Silver falls over 1%

    Gold rate today: Yellow metal trades lower, support seen at Rs 51,000 level; Silver falls over 1%

    Gold rate today: Yellow metal trades lower, support seen at Rs 51,000 level; Silver falls over 1%
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    By Ankit Gohel   IST (Published)

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    Gold prices in India declined on the Multi Commodity Exchange (MCX) Wednesday following losses in the international spot prices amid a stronger US dollar and developments over the US presidential election. Silver prices also fell by over 1 percent.

    Gold prices in India declined on the Multi Commodity Exchange (MCX) Wednesday following losses in the international spot prices amid a stronger US dollar and developments over the US presidential election. Silver prices also fell by over 1 percent.
    At 10:45 am, gold futures for December delivery fell 0.54 percent to Rs 51,317 per 10 grams as against the previous close of Rs 51,598 and opening price of Rs 51,320 on the MCX. Silver futures traded 1.61 percent or by Rs 1,011 lower at Rs 61,674 per kg. The prices opened at Rs 61,420 as compared to the previous close of Rs 62,685 per kg.
    “Gold prices will remain volatile as market will react to the US election developments and prevailing uncertainty. The trend is expected to be sideways. Strength in US dollar is pressurizing precious metals,” said Ajay Kedia, director, Kedia Commodity Comtrade.
    International gold fell on Wednesday as the dollar strengthened after US President Donald Trump grabbed an early lead in the key state of Florida, muddying the path for his Democratic rival Joe Biden, Reuters reported.
    Spot gold fell 0.6 percent to $1,896.44 per ounce, having earlier shed as much as 1 percent. US gold futures fell 0.7 percent to $1,897.10.
    The dollar was up 0.7 percent against a basket of major currencies.
    According to Kedia, a major upmove in the gold prices can only be seen if it breaches $1,920 level.
    “On MCX, support for gold is seen at Rs 51,000 while resistance is placed at Rs 51,680. If gold breaches Rs 51,680 level, it may test Rs 52,000 level. For silver, support is seen at Rs 60,800 while resistance is placed at Rs 63,200 level,” Kedia added.
     
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