MCX gold futures for April delivery were trading Rs 48 or 0.11 per cent lower at Rs 45,500 per 10 grams. Silver futures for May delivery were quoting at Rs 69,200 per kg, down Rs 15 or 0.02 per cent.
“Bullion counters may trade with a bearish bias, where gold may find support near Rs 45,200 and resistance near Rs 45,800 level. May silver futures may trade with higher volatility and find support near Rs 68,700 and resistance near Rs 69,560,” SMC Global said in a note.
|Date||Gold Spot Price
Rs/10 grms (AHMEDABAD)
|Gold Future Price
Rs/10 grms Expiry: 05-Apr-2021
Globally, spot gold eased 0.2 per cent at $1,734.16 per ounce, having dropped to their lowest since June 15 at $1,706.70 on Tuesday. US gold futures held steady at $1,734.10.
Tapan Patel, Senior Analyst for Commodities at HDFC Securities said that the COMEX spot gold prices were trading steady around $1,733 per ounce in the morning trade. He expects gold prices to trade sideways with a negative bias for the day, with support at $1,710 per ounce and resistance at $1,750 per ounce.
“The support for MCX Gold April futures lies at Rs 45,100 per 10 gram while we see resistance at Rs 45,800 per 10 gram,” Patel said.
Benchmark US Treasury yields dipped for a fourth straight day after jumping to a one-year high last week, but held near 1.4 per cent levels, making non-interest paying gold unattractive to investors.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,087.12 tonnes on Tuesday from 1,084.5 tonnes on Monday.
This content was originally published here.
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