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Business Desk: Gold price in the national capital increased marginally by Rs 17 to Rs 47,869 per 10 gram on Monday as rupee showed depreciation, HDFC Securities said.
In the previous trade, the precious yellow metal had settled at Rs 47,852 per 10 gram.
Meanwhile, Silver increased Rs 444 to Rs 64,690 per kilogram from Rs 64,246 per kilogram in the previous trade.
The Indian National Rupee also depreciated 10 paise to close at Rs 74.40 against the US dollar on Monday.
In the international market, both gold and silver were trading flat at USD 1,846 per ounce and USD 24.85 per ounce, respectively.
“Gold prices traded steady with spot gold prices at COMEX trading flat at USD 1,846 per ounce on Monday. Gold prices traded under pressure falling from recent highs on stronger dollar and surge in US bond yields,” HDFC Securities Senior Analyst (Commodities) Tapan Patel was quoted as saying by news agency PTI.
In a conversation with Moneycontrol, Manoj Kumar Jain of the Prithvi Finmart Commodity Research said both gold and silver are likely to remain volatile this week and while gold is expected to maintain its crucial support of $1,820 per troy ounce, silver could also on to $24 per troy ounce. Further speaking about the trading strategies, Jain said that buyers should look to buy gold on a dip at the Rs 48,6000 price point with a stop loss of Rs 48,330 for a target price of Rs 49,055.
According to an assessment by Ravi Singh, Vice President & Head of Research at Share India, published by News18, gold will have resistance near Rs 49, 500 level and any breakout above the Rs 49,500 price level will start a new trading territory in gold prices.
At MCX, Gold reportedly has support at Rs 48,660-48,500 and resistance at Rs 49,055-49,280.
Again at MCX, Silver has support at Rs 65,220-64,700 and resistance at Rs 66,000-66,600.
