Gold Price Today: Yellow metal trades flat; experts say buy for a target of Rs 47,400

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Gold was flat in the Indian market on August 16 following a muted trend in international spot prices. On the Multi-Commodity Exchange (MCX), October gold contracts were trading 0.08 percent higher at Rs 46,978 for 10 grams at 0930 hours. September silver futures were trading 0.08 percent lower at Rs 63,190 a kilogram.

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Gold and silver prices settled on a positive note in the international markets on August 13. December gold futures contract settled at $1,781.55 a troy ounce and September silver futures contract settled at $23.74 a troy ounce. Domestic markets also ended on a positive note.

Gold and silver rebounded again on August 13 after a survey showed disappointing consumer sentiments in the United States.

The dollar index slipped to a one-week low and the benchmark 10-year bond yield also slipped below 1.30 percent on August 13 and supported both the precious metals, data shows.

“Short coverings and bargain-buying at lower levels also supported gold and silver at lower levels. We expect both the precious metals to remain volatile this week ahead of the Federal Reserve monetary policy meeting minutes,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“At MCX, gold has support at 46,700-46,550 and resistance at 47,180-47,400. Silver is having support at 62,600-62,100 and resistance at 63,800-64,400,” he said.

Jain suggests buying in gold on dips around Rs 46,800 with a stop loss of Rs 46,500 for the target of Rs 47,400 and in silver around Rs 62,900 with a stop loss of Rs 62,200 for the target of Rs 64,400.

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