Jewelers and analysts believe that the demand for gold will increase in the coming festive season
Gold Price Today: On MCX, October gold contract jumped 16 per cent to Rs 47,246 for 10 grams on August 20 at 0910 hrs
- Last Update:Aug 20, 2021 09:38 am
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The price of gold in India rose on Friday. On the Multi Commodity Exchange (MCX), the gold of October rose by 16 per cent to Rs 47,246 at 0910 am on August 20 at 10 grams. However, silver traded flat on Friday. The precious metal’s futures jumped 0.07 per cent to Rs 62,177 on August 20.
Gold prices remained flat in the international market on Friday. Spot gold was flat at $1,780.43 an ounce as of 0056 GMT. US gold futures closed marginally lower at $1,782.40. The dollar index closed near a nine-month high on Thursday. Silver rose 0.1 percent to $23.25 an ounce and headed for a third consecutive weekly decline. The rising number of cases of delta virus in the United States puzzled investors throughout the week.
“Gold price is closing mostly unchanged for the past few days and is stuck in the range of $1770-$1790/oz. Market participants will be eyeing the upcoming economic session which could become the new catalyst for the rally in gold. MCX But gold is also finding its key support at Rs 47,000 and is trading with short term bullish technical gains especially for the precious metal due to heavy selling in global equity market and rising cases of delta variants globally. The outlook is positive. Traders are advised to follow key levels on both sides and investors can deposit gold on every downside. Key levels for Gold August contract – Rs 47,364. Buy zone above – target 47,500-47,800 For Rs 47,365. Sell below zone – Rs 47,350 with target of Rs 47,000-46,800,” said Sandeep Matta, Founder, TRADEIT Investment Advisors.
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