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Gold rate today: Yellow metal dips to some extent; silver near Rs 67,000

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NEW DELHI: Gold prices edged to some extent lower on Comes to an end, in tandem with world wide mood, but large inflation kept drawback capped. Analysts feel the global inflation anxieties will continue to assistance gold prices from the near term.

Gold futures on MCX were trading cheaper by 0.23 for each cent or Rs 111 at Rs 49,105 per 10 grams. In the mean time, silver futures have been down 0.18 for each cent or Rs 120 at Rs 66,845 per kg.

Ravi Singh, Vice President & Mind of Research, Talk about India said that this tone of the Given was slightly dovish in the last FOMC meet up with and the US middle bank signalled to cut back bond purchase simply by $15 billlion every month which is not aggressive.

“Gold prices are ongoing the bullish tendency due to this dovish hope. We advise shareholders to keep a acquire on dips coverage in gold right up until a clear direction through Fed,” this individual added.

Meanwhile, from the international market, yellow metal prices were constant as the yellow metal traded off the current high, pressured by the stronger dollar plus firm US attachment yields.

Spot yellow metal was steady from $1,860.81 per ounce, immediately after leaping to a five-month peak on Wed. US gold futures contracts edged down zero.1 per cent for you to $1,862.20.

Spot silver flower 0.1 % to $25.25 per ounce plus was en route to the best week within three. Platinum was initially little changed from $1,085.52 and was upon course for its greatest weekly rise in monthly. Palladium rose zero.2 per cent for you to $2,063.60.

In the spot market, the highest purity yellow metal was sold at Rs 49,351 for each 10 grams when silver was costing Rs 66,594 per kg upon Thursday, according to the Native indian Bullion and Jewellers Association.

The location price of gold possesses jumped more than Rs 1,650 for each 10 grams immediately after Diwali so far, although Silver has acquired about Rs 3 or more,050 per kilos during the period beneath review.

Trading strategy

“We expect yellow metal prices to trade sideways to available the day with COMEX gold support from $1,840 plus resistance at $1,870 per whiff. MCX Gold 12 support lies from Rs 48,900 and resistance from Rs 49,500 per 10 h,” said Tapan Patel, Senior Expert (Commodities), HDFC Sec.

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