Gold Price Today Rises But Nearly Rs 9,000 Down from Record High. Buy or Sell?

Gold price in India edged higher on Friday. On the Multi-Commodity Exchange (MCX), October gold contracts jumped 16 per cent to Rs 47,246 for 10 grams at 0910 hours on August 20. Silver, however traded flat on Friday. The precious metal future jumped 0.07 per cent to Rs 62,177 on August 20.

In the international market, gold prices were flat on Friday. Spot gold was flat at $1,780.43 per ounce by 0056 GMT. US gold futures was little changed at $1,782.40. The dollar index held near a more than a nine-month high hit on Thursday. Silver rose 0.1 per cent to $23.25 per ounce and was headed for third straight weekly decline. Rising number of Delta virus cases in the United States troubled the investors throughout the week.

“Gold price from past few days is closing mostly unchanged and has stuck in the range of $1770-$1790/oz. Market participants will be eyeing on upcoming economic symposium which could become the new catalyst for gold to surge. Gold on MCX is also finding its major support on Rs 47,000 and trading with short term bullish technical advantage. The outlook is positive for precious metal particularly due to heavy selloff in global equity market and increasing cases of delta variant globally. Traders are advised to follow key levels both the sides and investors can accumulate gold on every dip. Key level for gold August Contract – Rs 47,364. Buy Zone Above – Rs 47,365 for the target of 47,500-47,800. Sell Zone Below – Rs 47,350 for the target of Rs 47,000-46,800,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

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