Gold prices in India traded flat to higher on the Multi Commodity Exchange (MCX) Wednesday amid a subdued trend in the international spot prices.

Share Market Live

NSE

At 11:40 am, gold futures for August delivery rose 0.18 percent to Rs 48,510 per 10 grams as against the previous close of Rs 48,424 and the opening price of Rs 48,458 on the MCX. Silver futures traded 0.48 percent higher at Rs 71,587 per kg. The prices opened at Rs 71,500 as compared to the previous close of Rs 71,248 per kg.

International gold steadied and moved in a narrow range on Wednesday as investors awaited the outcome of the US Federal Reserve’s latest meeting for clues on possible tapering of economic support measures, while a stronger dollar weighed on the metal, said a Reuters report.

Spot gold was flat at $1,859.32 per ounce. It fell to its lowest since May 17 at $1,843.99 on Monday. US gold futures rose 0.2 percent to $1,860.40.

Making gold more expensive for holders of other currencies, the dollar held steady near a one-month high against its rivals.

“Gold saw another selloff ahead of FOMC outcome and nearing its strong support at $1,844 an ounce. We expect that the US monetary policy will not see major changes however the tapering discussion likely to weigh on gold. If the Fed remains dovish and continues to preach the ‘transitory’ stand, this could inject fresh hope in gold to rechallenge the $1,900 psychological level in the short run,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.

Meanwhile, the recent weakness in the Indian rupee amid selling in the equity market supported domestic gold prices.

“Gold and silver are showing some profit booking on daily as well as a weekly technical chart, So traders are advised to create short positions near resistance levels and traders should also focus important technical levels,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodities.

August Gold: Support 1 – Rs 48,200, Support 2 – Rs 48,000; Resistance 1 – Rs 48,750, Resistance 2 – Rs 48,950

July Silver: Support 1 – Rs 70,700, Support 2 – Rs 70,000; Resistance 1 – Rs 71,800, Resistance 2 – Rs 72,300

Here are gold rates across major cities:

Here are silver rates across major cities:

(Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.)

First Published:Jun 16, 2021 11:49 AM IST