GoldGold were up 0.32% at ₹47,927 per 10 gram while silver rose 0.25% at ₹69,389 per kg. In the previous session, gold had declined 0.83% while silver had slumped 1.6%. In global markets, gold rates edged higher amid falling US Treasury yields and a softer dollar. The precious metal was also supported by weak global equity markets.
On MCX, gold rates have support at ₹46,200 per 10 gram while faces resistance at ₹48,240, domestic brokerage Geojit said. In India, gold has risen about ₹4,000 so far this month, tracking a recovery in global rates.
In international markets, spot gold was up 0.2% at $1,787.11 per ounce. The precious metal is up about 0.6% so far this week.
“Inability to break the immediate support of $1760 there are chances of recovery upticks which may lead gold prices towards $1820 or more for the day. At the same time, an unexpected drop below $1725 is a bearish signal,” domestic brokerage Geojit said in a note.
The dollar index fell 0.13% to 91.198 against its rivals, making gold cheaper for other currency holders. US 10-year Treasury yields edged lower on news that Biden will propose a tax hike for high earners.
Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers on Gold
Among other precious metals, silver eased 0.3% to $26.10 per ounce while platinum was steady at $1,203.10.
For silver, a direct rise above $26.50 would extend the buying momentum towards $28 or more, says Geojit. Else, there are chances of corrective selling, but major downside reversal point is placed at $23.80, Geojit said.
Asian stock markets were mostly lower today after a sharp overnight fall on Wall Street on a news report that the Biden administration is considering raising the tax on capital gains for fund social plans.
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