Amidst the pandemic, the gold prices have remained firm on Tuesday. The August contract for gold on the Multi-Commodity Exchange is currently nearing Rs 48,000 per 10-gram level.
Contract For Gold On MCX Continues To Rise
As per the latest reports, the August contract of gold on MCS is at Rs 47,002 per 10 grams. It has risen by Rs 583 or by 1.23 percent from its previous close. Senior Analyst (Commodities) at HDFC Securities, Tapan Patel spoke to the media about the same and said that the international goal prices have rallied especially after the breakout of short term resistance above $1800 per ounce.
He added that the weaker dollar and the economic growth concerns about the higher oil prices further assisted in boosting the prices for gold for the day. He said that they expect gold prices to trade sideways for the day with COMEX gold support at $1,790 and resistance at $1820 per ounce.
“MCX Gold August support lies at Rs 47,300 and resistance at Rs 48,000 per 10 gram,” Patel said.
Silver Contract Also Go On A Rise
With the gold prices, the silver prices have also been on a rise as the dollar retreats from April highs. Analysts suggest that this week, the prime focus would be on the minutes from the US Federal Reserve’s meeting. It is scheduled on Wednesday after a commentary from the Fed took over the markets last month.
The silver contract on the MCX was trading at Rs 70,637 per kg, higher by Rs 598 or 0.85
per cent from its previous close. This comes after the precious metal prices had declined by 0.31 percent yesterday on the MCX.
