MCX Gold Prices Today: Gold and silver today edged higher in Indian markets, tracking positive global cues. On MCX gold futures rose 0.28% to ₹46,737 per 10 gram while silver advanced 0.17% to ₹67,752 per kg.
MCX Gold Prices Today
In the previous session, gold had dropped 0.75% while silver had edged 0.14% lower. MCX gold has support at the downside at ₹46,300 while it faces resistance at ₹47100.
In global markets, gold rates edged lower, supported by a weaker US dollar. Spot gold rose 0.2% to $1,738.96 per ounce while among other precious metals, silver rose 0.5% to $25.53 and platinum gained 0.5% to $1,176. The dollar index held near a three-week low against a basket of currencies, edging lower to 91.665. Further supporting bullion, US bond yields also levelled off.
A weaker dollar makes gold cheaper for buyers outside the US while lower yields decrease the opportunity cost of holding the metal that pays no interest.
In India, gold had fallen to about ₹44,000 level earlier this month and has rebounded from those levels amid a recovery in global rates. An uptick in global rates and weakness in the rupee have lifted domestic prices. In August last year, gold had hit a record high of ₹56,200.
- Neal Bhai Reports remains positive on MCX gold for the short-term.
- Gold rates had fallen sharply in previous session
- The precious metal has recovered from year-low levels hit earlier this month
Neal Bhai remains positive on MCX gold for the short-term. “Treasury yields appear to be topping out which could lead to a rally in the yellow metal. Downside support is $1717 levels, resistance is at $1762 levels,” it said.
Technically, MCX silver has downside support at ₹66,000 levels and resistance at ₹68,200.
Gold traders will watch US data including initial jobless claims, industrial production and retail sales, all due later today.
Meanwhile, Fed chief Jerome Powell told the Economic Club of Washington on Wednesday that the US central bank remains committed to supporting the recovery. (With Agency Inputs)