Gold above Rs 47,300, MCX silver set to cross Rs 70,500 level

Gold prices above Rs. 47,300

New Delhi: The prices of gold today in India fringed higher while silver prices gained nearly half a per cent on Monday following muted prices in the international markets as the dollar became costlier. Gold August futures traded 0.05% higher at Rs 47,311 as of 10:40 am, in comparison to a previous closing price of Rs 47,285 on Multi Commodity Exchange (MCX). Against previous closing value of Rs 70,188, Silver September futures rose 0.43% to trade at Rs 70,490 per kg. Gold above Rs 47,300, MCX silver set to cross Rs 70,500 level

Making dollar-denominated-assets expensive for holders of other currencies, the dollar index rose 0.11% to 92.33. It traded 0.24% higher at $1,787.45 while silver traded 2.01% higher at $26.60 per ounce in the spot market.

The domestic price of yellow metal and silver rose much less in India because of the rupee’s appreciation against the dollar in spite of the rise in international spot prices of these two assets. The trading of the dollar was lower i.e. 0.29% against the rupee at 79.52.

Some Analysts have an idea that due to the fall in US benchmark 10-year bond yields, which fell to 1.43% gold prices are probably to find aid. The lower the bond, the lesser the opportunity cost of holding precious metals.

The yellow metal futures have support in the Rs 47,050-Rs 46,900 level on MCX. The gold can be bought by traders on corrections around Rs 47,000 level for a target of Rs 47,400 with stop loss near Rs 46,820 level.



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