Gold prices firm at evening trade; October futures above Rs 34,000 per 10 gram

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Gold prices were trading higher by Rs 736 at Rs 33,815 per 10 gram in evening trade on June 20 after the US Federal Reserve indicated a rate cut starting from next month.

The gold rate touched an intraday high of Rs 33,920 and an intraday low of Rs 33,340. For the August series, the precious metal touched a low of Rs 31,390 and a high of Rs 33,920.

On the Multi Commodity Exchange, Gold contracts for October  were trading higher by Rs 769, or 2.31 percent, at Rs 34,050 per 10 gram in a business turnover of 4,468 lots, while the contracts for August saw a business turnover of 18,107 lots. The far-month December contract was trading firm by Rs 736, or 2.2 percent at Rs 34,225 per 10 gram with a business volume of 3 lots.

The value of the contracts for August that were traded so far is Rs 5,082.53 crore and October's contracts saw a value of Rs 426.21 crore.

Similarly, Gold Mini contracts for July were trading up by Rs 659, or 2 percent, at Rs 33,635 in a business turnover of 10,689 lots.

MCX Gold price is expected to trade positively with good support at Rs 33,550 levels and intermediate support at Rs 33,700 level, according to Motilal Oswal. The commodity broking firm advised its clients to buy on dips with a target price at Rs 34,020 zone.

Spot gold was trading higher by $22.43 at $1382.30 an ounce in New York trading.