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Tapan Patel of HDFC Securities expects gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold June futures support lies at Rs 50600 and resistance at Rs 51200 per 10 gram.
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Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.
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"A pullback can be seen so buying can be initiated at lower levels where gold has resistance at Rs 51100 and support at Rs 50500. Silver has resistance at Rs 62300 and support at Rs 60500," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Spot gold rose 0.3% to $1,850.39 per ounce, by 0039 GMT, their highest since May 12. U.S. gold futures GCv1 also gained 0.3% to $1,847.90.
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Spot gold was up 0.2% at $1,845.67 per ounce by 1033 GMT, after climbing about 1.9% in the last session. U.S. gold futures rose 0.1% to $1,842.70.
Rahul Kalantri, VP Commodities, Mehta Equities expects bullion prices to remain volatile in today’s session. Gold has support at Rs 50,330–50,110, while resistance is at Rs 50,740–50,950. Silver has support at Rs 61,140-60,750, while resistance is at Rs 61,950–62,410, he said.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects both the precious metals to remain volatile in today’s session and could find support at lower levels. Gold has support at Rs 50000-49820 and resistance at Rs 50400-50580 while silver has support at Rs 60100-59600 and resistance at Rs 61220-61800, he said.
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Spot gold held its ground at $1,816.63 per ounce at 0047 GMT. U.S. gold futures edged 0.1% lower to $1,814.10.
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Spot gold dropped 0.2% to $1,810.49 per ounce, by 0557 GMT. U.S. gold futures slipped 0.6% to $1,808.10.
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Tapan Patel of HDFC Securities expects gold prices to trade sideways to down for the day with COMEX Spot gold support at $1790 and resistance at $1830 per ounce. MCX Gold Gold June support lies at Rs 49800 and resistance at Rs 50600 per 10 gram.
In the international market, gold was trading higher at USD 1,825 per ounce and silver was marginally lower at USD 20.96 per ounce.
Gold is holding support above Rs 49500, indicating that the uptrend could continue in today's session. It has resistance at Rs 50300 while silver has support at Rs 58000 and resistance at Rs 61500, said Nirpendra Yadav of Swastika Investmart.
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Spot gold held its ground at $1,825.66 per ounce, as of 0046 GMT. U.S. gold futures gained 0.6% to $1,825.00.