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Gold rate at present: Yellow metal tops Rs 49,000; silver gains Rs 180

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NEW DELHI: Gold costs inched greater on Wednesday however analysts warned {that a} sharp rise within the costs makes the yellow metal susceptible to corrections, particularly if the US greenback holds agency.

Gold futures on MCX had been trading marginally greater by 0.11 per cent or Rs 53 at Rs 49,090 per 10 grams. Silver futures had been up 0.27 per cent or Rs 179 at Rs 66,413 per kg.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Analysis at Kotak Securities mentioned that gold jumped to contemporary June highs yesterday however didn’t maintain and ended decrease. “Gold is struggling to construct on latest momentum amid elevated debate about Fed’s financial tightening amid some upbeat financial knowledge and combined feedback from central banks. Gold’s sharp rise has made it susceptible to profit-taking and we may even see some correction if the US greenback manages to carry agency,” he added.

Within the spot market, the best purity gold was offered at Rs 49,553 per 10 grams whereas silver was priced at Rs 66,883 per kg on Tuesday, based on the Indian Bullion and Jewellers Affiliation.

The spot worth of gold has jumped greater than Rs 1,850 per 10 grams after Diwali, whereas silver has gained about Rs 3,300 per kg in the course of the interval underneath overview.

Ravi Singh, Vice President & Head of Analysis, Share India mentioned inflation issues have elevated the safe-haven enchantment which is offering help to gold costs.

Buying and selling technique
“We anticipate gold costs to trade sideways to down for the day after preliminary restoration with help at $1845 and resistance at $1870 per ounce. MCX Gold December help lies at Rs. 48900 and resistance at Rs. 49400 per 10 gram,” mentioned Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

International markets
Spot gold rose 0.2 per cent to $1,854.39 per ounce by 0207 GMT, however the metal was nonetheless solely about $6 shy off its lowest stage since final Friday hit within the earlier session. US gold futures gained 0.2 per cent to $1,857.10.

Spot silver rose 0.6 per cent to $24.95 per ounce. Platinum rose 0.Three per cent to $1,064.73 and palladium gained 0.Three per cent to $2,165.98.

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