Gold price today: With a sharp decline in the previous session, gold and silver have seen strength in the domestic markets on Wednesday. On MCX, gold futures traded higher by 0.25 per cent at Rs 50,947 per 10 grams, while falling to a one-month low in the previous session. Silver futures is up 0.23 per cent at Rs 67,102 per kg. In the previous session, gold had weakened 1.2 per cent to Rs 50,928 after coming down to a one-month low of Rs 50,354.
Due to these reasons there is pressure on gold
In the global markets, gold prices remained stable today after losing nearly 2 per cent in the previous session. Spot gold rose 0.1 per cent to $1,920.6 an ounce, while on Tuesday fell 1.8 per cent to its lowest level since February 28. Progress in Russia-Ukraine peace talks has reduced safe haven attractiveness to metals, as risky assets such as equities have risen.
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On the other hand, bullion is supported by a decline in the US dollar and treasury yields. At the same time, Ukraine’s proposal to remain neutral has shown signs of reducing the deadlock.
Support was found by the fall in the dollar index
In the previous session, the dollar index fell to its lowest level in more than a week, making gold less expensive for other currency holders. US benchmark 10-year yields also slipped from near-three-year highs, reducing the cost of holding non-yielding bullion.
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On the other hand, the holding of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, declined 0.2 per cent to 1,091.44 tonnes on Tuesday.
Support for gold at Rs 50,550
Among other precious metals, spot silver rose 0.1 per cent to $24.78 an ounce and platinum rose 0.9 per cent to $991.49.
Rahul Kalantri, VP Commodities, Mehta Equities said, gold has support at Rs 50,720-50,550, while resistance is at Rs 51,240-51,520. On the other hand, silver has support at Rs 66,550-66,120, while resistance is at Rs 67,620-68,140.
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