Gold was trading comfortably above Rs 51,000 per 10 gm on October 12, with experts saying that any dip can be used to go long for a target of Rs 51,100-51,300.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading higher by 0.38 percent at Rs 51,010 per 10 gram at 0920 hours. December silver futures were trading 1.4 percent higher at Rs 63,785 per kg.
On October 9, gold and silver prices extended gains in the international markets with domestic markets follow the global cues. Gold settled at $1,936.40 per troy ounce, with a weekly gain of nearly 2 percent, while silver ended at $25.30 per troy ounce, gaining 6 percent during the week.
On MCX, both the precious metals settled on a positive note. Gold settled at Rs 50,817 per 10 gram and silver at Rs 62,884 per kilogram.
Gold and silver showed solid gains on October 9 amid hopes of a second US stimulus, weakness in the dollar index and on expectations of good physical demand from China, experts said.
“On MCX, gold has strong support at Rs 50,330 per 10 gram and that is expected to hold. If prices sustain above Rs 50,800, the upmove could extend the gains towards 51,100-51,300 levels,” he said.
Silver has support at Rs 61,500 and is expected to hold if prices sustain above Rs 62,800. An upmove can extend the gains towards 63,600-64,400 levels.
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