MCX gold futures were at Rs 47,883 per 10 grams, going up slightly from Rs 47,774. Silver futures also rose to Rs 69,490 per kilogram.
Following a positive trend in international spot prices, (Multi Commodity Exchange) MCX Gold futures were trading higher on Tuesday, 13 July. Silver also gained marginally today. According to a report by NDTV, MCX gold futures were at Rs 47,883 per 10 grams, going up slightly from Rs 47,774. Silver futures also rose to Rs 69,490 per kilogram with a gain of Rs 115.
On Monday, 12 July, the international spot gold ended flat while silver prices ended higher. The report further says that US gold futures were up by 0.1 percent to $1,808.1. On the other hand, the spot gold price was at $1,807.22 per ounce.
Moneycontrol reports that according to experts, gold and silver prices received support after the European Union (EU) president has confimred that their bond-buying program is going to continue till March 2022. The precious metal also got support from the fresh outbreak of coronavirus in the EU and Britain.
It is expected that gold and silver are going to remain volatile today, according to Director of Head-Commodity and Currency Research, Prithvi Finmart Commodity Research, Manoj Kumar Jain / He said that any decline in the prices of the metals would be an opportunity for buying at lower levels.
He further adds that gold has support at 47,550-47,330 and resistance at 48,000-48,180 levels on MCX. Meanwhile, silver has support at 68800-68400 and resistance at 69900-70400 levels.
According to Jain, investors should buy gold on dips around 47550 with a stop loss of 47300 for the target of 48000. When it comes to silver, buying should be around 68800 with a stop loss of 68400 for the target of 69900.