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This article is more than 3 month old.

Gold Price Today: Yellow metal futures near Rs 47,700; time to take positions?

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MCX gold and silver futures moved higher on Friday amid a weakening dollar and losses in equities.

Gold Price Today: Yellow metal futures near Rs 47,700; time to take positions?
Domestic gold and silver prices rose on Friday amid a depreciating dollar and weakness in equities. Weakness in the greenback makes the precious metals more attractive for holders of other currencies. Losses in securities boost the safe-haven appeal of bullion.
At 4:00 pm, gold December futures on MCX were up by Rs 293 or 0.6 percent at Rs 47,697 per 10 grams, having risen as much as 0.7 percent earlier in the day.
The December contract for silver was up by Rs 612 or 0.9 percent at Rs 65,625 per kilogram.
Globally, gold gained for a fourth straight day, propped up by a subdued dollar, while inflationary pressures boosted demand for the precious metal as a safe-haven investment.
Spot gold traded 0.5 percent higher at $1,792.5 per ounce at the last count. US gold futures were up 0.6 percent at $1,793.4 per ounce.
Silver was up 0.8 percent at $24.4 per ounce.
Gold is often considered a hedge against inflation, though reduced stimulus and interest rate hikes push government bond yields up, denting the bullion’s appeal.
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Back home, the rupee ended marginally lower at 74.90 against the US dollar.
The dollar index - which measures the greenback against six other currencies - declined 0.2  percent to 93.6, and was headed for a second weekly decline.
On Dalal Street, benchmark indices Sensex and Nifty50 extended losses to the fourth session in a row, dragged by IT, pharmaceutical and metal stocks, though gains in select financial shares arrested the fall. Catch latest market updates here
Typically, gains in equities dent the safe-haven appeal of bullion, and vice versa.
Should you take positions now?
Gold and silver are expected to continue to hold their key support levels and any dip in the prices should be a buying opportunity, said Manoj Kumar Jain, Director-Head of Commodity Research at Prithvi Finmart.
Spot gold is expected to test the $1,800 per troy ounce mark in the coming sessions, he said.
He sees support for MCX gold futures at Rs 47,180-47,000 and resistance at Rs 47,600-47,850. For silver, he sees support at Rs 64,700-64,220 and resistance at Rs 65,600-66,100.
Jain suggests buying gold around Rs 47,250 for a target of Rs 47,660 with a with a stop loss at Rs 47,040, and silver around Rs 64,700 for a target of Rs 65,800 with a stop loss at Rs 64,200.