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This article is more than 12 month old.

Gold rate today: Yellow metal trades near Rs 50,700/10 gms; Silver jumps over 1%

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Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Monday amid gains in international spot prices while silver prices jumped over one percent. Both the precious metals are expected to trade higher on account of safe-haven buying due to uncertainties ahead of US elections, analysts said.

Gold rate today: Yellow metal trades near Rs 50,700/10 gms; Silver jumps over 1%
Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Monday amid gains in international spot prices while silver prices jumped over one percent. Both the precious metals are expected to trade higher on account of safe-haven buying due to uncertainties ahead of US elections, analysts said.
At 11:10 am, gold futures for December delivery eased 0.01 percent to Rs 50,696 per 10 grams as against the previous close of Rs 50,699 and opening price of Rs 50,777 on the MCX. Silver futures traded 1.22 percent higher at Rs 61,606 per kg. The prices opened at Rs 61,422 as compared to the previous close of Rs 60,865 per kg.
“Gold prices may witness safe-haven demand due to election uncertainty. Silver has also seen a decent upside. The yellow metal may trade sideways to higher going ahead. Weakness in the Indian rupee may also support the gold price,” said Amit Sajeja, AVP Research - Commodities & Currencies, Motilal Oswal.
International gold ticked higher on Monday as caution crept in ahead of Tuesday's hotly contested US presidential elections, sparking some bids for the safe-haven metal, though a resilient dollar capped gains.
Spot gold rose 0.2 percent to $1,882.00 per ounce, while US gold futures were up 0.2 percent at $1,882.90 per ounce.
“Gold may see support at Rs 50,400 level while resistance is placed at Rs 51,000. Support for Silver is seen at Rs 60,300 while it may face resistance at Rs 62,500 level,” Sajeja added.
Meanwhile, a weak Indian rupee against the US dollar amid selling in the domestic equity market may support the gold price.
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