Gold prices edge higher, trades above Rs 47,000; check MCX gold support, resistance levels

Gold prices edge higher, trades above Rs 47,000; check MCX gold support, resistance levels

Physical demand in India has also taken a hit after severe second wave of Covid with many states imposing restrictions and lockdown Gold prices were trading higher in Indian markets on Wednesday, even as international rates were flat. On the Multi Commodity Exchange, gold June futures were trading Rs 139 or 0.30 per cent up at Rs 47,010 per 10 grams, as against the previous close of Rs 46,871. Silver July futures were ruling at Rs 70,045 per kg, up Rs 396 or 0.57 per cent. In the previous session, silver futures ended at Rs 69,649 per kg. The general risk aversion due to covid crisis and corresponding demand for safe-haven is not letting it fall below the 46500, an analyst said. “But the next catalyst is the US non-farm payrolls report due out this Friday. An upbeat data can give DXY some bounce, pressing gold prices lower. A break of 46500, may push MCX prices towards 45000 and then 44500, while 48450 will act as a crucial resistance,” Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services, told …
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