Gold prices rose in the Indian markets on December 16, tracking positive trends in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.34 percent at Rs 49,610 per 10 gram at 0920 hours. March silver was trading 0.64 percent higher at Rs 65,265 per kilogram.
Experts are of the view that gold and silver can be bought on dips. Gold has support placed at Rs 49,220 and resistance at Rs 49,900.
Gold and silver rebounded on December 15 to settle on a positive note in international markets. February gold contracts settled at $1,855.30 per troy ounce, while March silver ended at $24.64 per troy ounce.
In domestic markets, the February gold contract settled at Rs 49,443 per 10 gram and March silver at Rs 64,853 a kilogram.
Both the metals gained amid weakness in the dollar index and hopes of a second stimulus in the United States this week as Congress would go into recess from December 18, experts say.
“Weakness in the dollar index additionally supports the prices. Gold has support at $1,840-1828 and resistance at $1,870-1,884. On MCX, gold has support at Rs 49,220-49,055 and resistance at Rs 49,740-49,900 levels,” he said.
Silver has support at Rs 64,300-63800 and resistance at Rs 65,500-66,300 levels. Jain favoured buying on dips in both the metals on December 16.
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