Domestic gold and silver futures traded higher on Friday tracking global rates where the yellow metal held firm above the $1,750 per ounce mark.

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At 10:45 am, gold futures for October delivery rose 0.23 percent to Rs 46,470 per 10 grams as against the previous close of Rs 46,363 and the opening price of Rs 46,452 on the MCX. Silver futures traded 0.31 percent higher at Rs 62,050 per kg. The prices opened at Rs 62,097 as compared to the previous close of Rs 61,860 per kg.

“The gold prices are likely to remain sideways to positive. The bullion is technically oversold, while coronavirus concerns will support the prices going ahead,” said Ajay Kedia, Director, Kedia Advisory.

International gold prices edged higher, underpinned by concerns over the rapid spread of the Delta coronavirus variant, although a resilient dollar capped gains and kept bullion on track for its second straight weekly decline, said a Reuters report.

Spot gold rose 0.2 percent to $1,755.30 per ounce. It is down 0.4 percent so far for the week. US gold futures were up 0.3 percent at $1,756.30.

The US dollar strengthened after data showed producer prices posted their largest annual increase in more than a decade in the 12 months through July, suggesting inflation pressures remain strong.

The dollar index -- which measures the greenback against six currencies -- was last seen trading 0.1 percent higher at 93.019.

A stronger dollar makes gold more expensive for those holding other currencies.

Meanwhile, a stable Indian rupee amid strength in the domestic equity market limited gains in the yellow metal prices.

"Gold and silver both are trading at oversold zone, Momentum indicator RSI also giving positive divergence in four hourly as well as hourly chart, So traders are advised to create buy positions in gold and silver near given support levels, traders should also focus important technical levels for the day," said Amit Khare, AVP- Research Commodities, Ganganagar Commodities.

August Gold: Support 1 - Rs 46,100, Support 2 - Rs 45,850; Resistance 1 - Rs 46,600, Resistance 2 - Rs 46,850.

September Silver: Support 1 - Rs 61,200, Support 2 - Rs 60,600; Resistance 1 - Rs 62,500, Resistance 2 - Rs 63,125.

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