Gold struggled in Indian markets amid weak global indices as silver held up above ₹70,000 points. On MCX, gold futures remained stable at ₹47,309 for 10 grams while silver increased slightly by 0.35% to ₹70,425 per kg. MCX gold has resistance to ₹47,600 and support for ₹46,650, analysts said. The precious metal has struggled this year after hitting a record high of ₹56,200 last year.
In world markets, gold rates were slightly lower, weighed down by a stronger US dollar. Spot gold fell 0.1% to $ 1,785.41 an ounce, easing a two-week high in the previous session. Among other precious metals, silver fell 0.2% to $ 26.40 an ounce while platinum fell 0.3% to $ 1,086.49.
“Volatility within a narrow range remains on the cards initially, but the breakout of gold on both sides of the $ 1745-1800 regions would suggest a new short-term direction for the commodity,” he said. said Geojit.
ETF flows to gold remained low. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 1,042.58 tonnes on Friday from 1,043.16 tonnes on Thursday.
Back in India, as the economy reopens, gold in India last week was sold at a premium price for the first time in more than two months as demand gradually improved.
Gold traders will follow the minutes of the latest Fed meeting which will be released on Wednesday. In addition, the Group of 20 finance ministers and central bankers meet on Friday.
US employment data released on Friday showed many more people than expected were employed last month, but it also showed the unemployment rate to increase slightly. This allayed concerns about the Fed’s hawkish pivot last month.
Technically, for the money, “the inability to break above $ 25.20 there is a chance of recovery in the meter. However, major rallies are refused unless you break the resistance of $ 27.50. A drop direct below $ 25 is a short-term sell signal, ”says Geojit. (With contributions from the agency)
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