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Gold rate as we speak: Yellow metal nears Rs 49,000; silver falls Rs 600 on MCX

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NEW DELHI: Gold costs pulled again from a five-month peak in Monday’s session as a agency greenback decreased the attraction of the yellow metal.

The US greenback index hovered near a 16-month excessive, pressuring bullion by rising its value to patrons holding different currencies.

Gold futures on MCX had been trading decrease by 0.23 per cent or Rs 114 at Rs 49,200 per 10 grams. Silver futures had been down 0.90 per cent or Rs 601 at Rs 66,543 per kg.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Analysis at Kotak Securities stated gold has examined June highs however is struggling to construct momentum as help from elevated demand as an inflation hedge and choppiness in equities is countered by firmness in US greenback index, worry of Fed’s financial tightening and weaker investor curiosity.

Within the spot market, the best purity gold was offered at Rs 49,003 per 10 grams whereas silver was priced at Rs 66,285 per kg on Friday, in keeping with the Indian Bullion and Jewellers Affiliation.

The spot worth of gold has jumped greater than Rs 1,300 per 10 grams within the final one week, whereas silver has risen over Rs 2,700 per kg in the course of the interval below evaluate.

Ravi Singh, Vice President & Head of Analysis, Share India stated that previous weeks have been extremely unstable for gold costs on account of improved macro indicators, stronger US greenback, the expectation of early Fed bond tapering and better US Treasury yields.

“Nonetheless, the arising challenges within the steady restoration of worldwide economies and the demand within the pageant season has in some way maintained the upthrust in safe-haven attraction and pushed gold to increased ranges,” he added.

Buying and selling technique
“We count on gold costs to trade sideways to up for the day with COMEX Spot gold help at $1,840 and resistance at $1870 per ounce. MCX Gold December help lies at Rs 48,900 and resistance at Rs 49,700 per 10 gram,” stated Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

International markets
Spot gold fell 0.three per cent to $1,857.96 per ounce by 0154 GMT, whereas U.S. gold futures dropped 0.four per cent to $1,860.50 per ounce.

Spot silver fell 1.1 per cent to $25.00 per ounce. Platinum dropped 0.6 per cent to $1,075.91 and palladium was down 0.9 per cent at $2,088.96.

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