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Gold rate today: Yellow metal trades marginally higher; resistance placed at Rs 49,300 level

Gold rate today: Yellow metal trades marginally higher; resistance placed at Rs 49,300 level

Gold rate today: Yellow metal trades marginally higher; resistance placed at Rs 49,300 level
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By Ankit Gohel  Jul 17, 2020 12:00:55 PM IST (Updated)

Gold prices India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Friday tracking muted trend in the international spot prices. Strength in US dollar capped gains in the yellow metal prices, analysts said.

Gold prices India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Friday tracking muted trend in the international spot prices. Strength in US dollar capped gains in the yellow metal prices, analysts said.

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At 11:35 am, gold futures for August delivery rose 0.09 percent to Rs 48,815 per 10 grams as against the previous close of Rs 48,773 and opening price of Rs 48,796 on the MCX. Silver futures traded 0.55 percent lower at Rs 52,320 per kg. The prices opened at Rs 52,444 as compared to the previous close of Rs 52,610 per kg.
International gold prices steadied near the $1,800 level on Friday after a sharp fall in the previous session, as worries over surging coronavirus cases and US-China tensions underpinned its safe-haven appeal, although a stronger dollar capped gains, Reuters reported.
Spot gold was up 0.1 percent at $1,797.96 per ounce. US gold futures eased 0.1 percent to $1,798.
“Gold is not sustaining above $1,815 level in the international market. Prices are supported by safe-haven appeal due to rising coronavirus cases and US-China traded tensions. However, firm US dollar is limiting gains,” said Ajay Kedia, director, Kedia Commodity Comtrade.
Going ahead, profit booking may be witnessed in gold prices, Kedia added.
“On MCX, gold may face resistance at Rs 49,300 level. Investors may sell gold at Rs 49,000 levels for a target of Rs 48,500,” Kedia said.
Meanwhile, strength in Indian rupee also pressurized gold at higher levels. The local currency traded higher at 75.14 per dollar, amid buying in the domestic equity market.
 
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