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Gold prices right now: Yellow metal trades flat supported by weaker dollar
NEW DELHI: Gold and silver futures had been flat on Monday as a weaker dollar offset bets that the US Federal Reserve might start tapering its pandemic-era asset purchases quickly.
The dollar index dropped to its lowest since September 29, making gold cheaper for patrons holding different currencies.
Gold futures on MCX had been up 0.06 per cent or Rs 27 at Rs 46,533 per 10 gram. Silver futures declined 0.04 per cent or Rs 25 to Rs 60,525 per kg.
“Gold prices witnessed restoration from current lows supported by fall in US bond yields and inflation worries. The rising gasoline and coal prices have raised issues over rising enter prices for producers throughout the globe forward of winter season,” mentioned Ravindra Rao, VP – Head Commodity Analysis at Kotak Securities.
Within the spot market, highest purity gold was bought at Rs 46,434 whereas silver was priced at Rs 59,581 on Monday, in keeping with the Indian Bullion and Jewellers Affiliation.
Buying and selling technique
“We count on gold prices to trade sideways to down for the day with COMEX Spot gold assist at $1,740 and resistance at $1,775 per ounce. MCX Gold December assist lies at Rs 46,200 and resistance at Rs 45,700 per 10 gram,” mentioned Patel.
Spot gold rose 0.2 per cent to $1,764.60 per ounce by 0112 GMT, after hitting $1,765.54, its highest since Sept. 23. US gold futures gained 0.four per cent to $1,764.90.
Demand for bodily gold additionally picked up in high client China final week and there was elevated exercise in different Asian hubs together with Singapore.
Silver was up 0.four per cent at $22.62 per ounce. Platinum rose 0.four per cent to $976.08 and palladium edged 0.1 per cent as much as $1,921.72.