India Gold August futures are trading flat with a positive bias on June 23 tracking muted trend in the international spot prices. Experts feel that the trend in the yellow metal is likely to remain sideways, and it could face resistance around Rs 48,300 per 10 gm.
On the Multi-Commodity Exchange (MCX), August gold contracts were trading higher by 0.02 percent at Rs 47,952 per 10 gram at 09:30 hours. July futures for silver were trading 0.28 percent lower at Rs 48,500 per kg.
Gold and silver extend gain in the international market on Monday. Gold settled at $1,766 per troy ounce and Silver settled at $17.90 per troy ounce, but due to strength in rupee both the precious metals settled almost flat in the domestic market.
“Indo-China border tensions are also supported safe-haven buying in both the precious metals. Both the side move is expected in precious metals in Tuesday's session,” he said.
Jain further added that at MCX, Gold is expected to face resistance around 48,300-48,500 zone, 47,500 act as major support for the day. Silver prices also expected to face resistance around $18-18.14 per troy ounce, $17.55 act as major support for the day.
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