Yellow metal trading soaring; might face opposition to Rs 47,650 per ten grams level

Gold prices in India soared on Multi Commodity Exchange indicating a positive impulse in the international spot prices, while silver prices also merchandised higher at 0.16 percent higher at Rs 70,244 per Kg. The opening price was Rs 70,510 in comparison to the last closing at Rs 70,129 per Kg. Gold prices have been restricted and are anticipated to trade at a higher range in the ongoing weakness of the US Dollar. Silver has been reassembled by the base metal prices. Amit Sajeja, Vice President of Research Commodities and Currencies is of the perspective that the crest for the precious metal prices remains restricted on improved investor risk palate and improvement on the Covid-19 platform globally. However, the intolerance for gold and silver prices would remain constructive. 

International gold prices fringed higher as slushy US jobs data fastened hopes of further fiscal stimulus and coerced the dollar. The dollar slipped from an over two-month high after a fragile US jobs data raised concerns of a moderate recovery in the United States. The anticipation of a reassurance package for the US economy may hold up gold and silver prices and  Positive  Exchange Traded Funds flows and profits in base metals are also likely to support the silver prices.

The menace would apprehend the gains of the precious metals. They regroup in the equity market globally may coerce the price of gold though investors would be able to buy gold on the plunge. The gold prices might face some sort of opposition at Rs 47,650-47,800 level on the Multi Commodity Exchange while hold up is seen at Rs 47,250. The opposition for silver has been witnessed at Rs 71,300 and hold up is placed at Rs 69,650-70,000 level.

For the time being, strong Indian Rupee in the ongoing gains in the domestic equity market might also pressurize the domestic gold and silver prices.    


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