India Gold October futures rose on August 26 after falling by about 0.5 percent in the previous trading session. Experts are of the view that the volatility is likely to continue, and the crucial support is placed at Rs 50,500-50,800 per 10 gm.
International Gold prices were mostly unchanged on August 26 as worries over the global economic outlook from rising COVID-19 cases offset an uptick in risk sentiment driven by signs of progress in US-China trade negotiations, said a Reuters report.
On the Multi-Commodity Exchange (MCX), October gold contracts were trading higher by 0.5 percent at Rs 51,183 per 10 gram at 0920 hours. September silver futures were trading at Rs 64,302 per kg, up 0.4 percent.
Gold and silver plunged again on August 25 amid better than expected US new home sales and Richmond manufacturing data. Gold slipped by around 1 percent and settled at $1923.10 per troy ounce and Silver also slipped more than 1 percent and settled at $26.27 per troy ounce.
At MCX, Gold slipped below 51000 during the session and settled around 51000 with a loss of around 0.50 percent and silver settled around 64100 with a loss of around 2 percent.
Gold has support at $1910 per troy ounce and resistance is placed at $1933-1945 per troy ounce. At MCX, gold is having support at 50500 on a closing basis and resistance at 51330-51450 levels,” he said.
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