India's gold price for August rose more than 1 percent on June 11 tracking positive trends in the international spot prices that jumped to their highest in more than a week after the US Federal Reserve's bleak economic projections boosted demand for the safe-haven metal.
The central bank a day earlier repeated its promise of continued support, estimating the US economy to shrink by 6.5 percent in 2020 and the unemployment rate to be at 0.3 percent at the end of the year, a Reuters report said.
On the Multi-Commodity Exchange, June gold contracts were trading higher by 1.1 percent at Rs 47,173 per 10 gram at 0920 hours. July futures for silver were trading 1.9 percent higher at Rs 49,018 per kg.
As long as gold trades above Rs 47,000-47200 levels, it will open doors for the metal to touch Rs 47,500-48,000 levels, experts say.
Gold and silver showed extreme volatility a day earlier but settled on a flat note. Weakness in the dollar index and profit-taking in the equity market supported both the metals in the afternoon session.
The Federal Reserve's cautious view on the economy puts pressure on the dollar index and could support both the metals again, experts say.
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