India Gold August Futures pared early gains on June 5 and turned negative tracking muted trend seen in the international spot prices. Experts feel that the yellow metal is likely to remain volatile, and the immediate support is placed at Rs 46,300-45,900 per 10 gm.
On MCX, June gold contracts were trading lower by 0.69 percent at Rs 46,373 per 10 gram at 09:20 hours. Silver July futures were trading 0.84 percent lower at Rs 48,402 per kg.
Bullion rebounded on Thursday as the dollar continued its downward momentum as dismal US trade data overshadowed slightly upbeat labour market numbers and optimism about an economic rebound.
“MCX Gold August contract traded on a positive note where it has sustained well above 45900 levels giving close above 46600 levels indicating a positive breath in the counter up to 47200 levels,” he said.
Iyer further added that price could hold resistance near 46970-47260-48060 levels where downside 46300-45900-45000 will act as support.
Manoj Jain, Director (Head - Commodity & Currency Research) at Prithvi Finmart Pvt LtdWe expect both the precious metals remain volatile today due to weekend sessions and both side move is expected.
Gold is having resistance at $1733-1745 per troy ounce and support at $1714-1700 per troy ounce. At MCX, Gold is having resistance at 46800-47050 and support at 46400-46180.
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