Gold was trading flat on October 6 with a negative bias following a muted trend in the international spot prices.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.13 percent at Rs 50,560 per 10 gram at 1000 hours. December silver futures were trading 0.10 percent lower at Rs 61,880 per kg.
Experts are of the view that support exists at Rs 50,400 and if the yellow metal surpasses 50,700, then an upside move towards Rs 51,000 is possible.
Gold and silver gained amid weakness in the dollar index and safe-haven buying due to more US White House officials testing COVID-19 positive. The dollar index slipped below the 93.50-mark during the evening session on October 5 and supported both the precious metals.
Gold also got support from better-than-expected US services data for September. In international markets, the metal settled at its highest levels in the last two weeks.
Despite the strength in the rupee, both the precious metals gained in domestic markets. Gold settled at Rs 50,626 per 10 gram and silver at Rs 61,941 per one kilogram.
“Gold is having support at $1904-1896 per troy ounce and resistance at $1930-1944 per troy ounce. Silver is having support at $24.20-23.88 per troy ounce and resistance at $24.84-25.20 per troy ounce,” he said.
Jain is of the view that on MCX, Gold has support at 50,440-50,300 and resistance at 50,800-50,950. Silver has support at 61,300-60,800 and resistance at 62,500-63,100. Both side moves are expected in the precious metals on October 6.
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