Mumbai, July 6 (IANS)| On the Multi Commodity Exchange (MCX), gold futures remained firm on Tuesday with the August contract for the yellow metal trading near the level of Rs 48,000 per 10 grams. At present, the August contract of gold on MCX is at Rs 47,882 per 10 grams, which is Rs 583 or 1.23 percent higher than its previous closing price.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said international gold prices edged higher, keeping short-term resistance above $1,800 an ounce. He said concerns over economic growth on a weaker dollar and higher oil prices boosted gold buying for the day.
Patel said, “We expect gold prices to trade sideways for the day, with Comex gold at $1,790 and resistance at $1,820 per ounce. MCX Gold August support is at Rs 47,300 and resistance at Rs 48,000 per 10 grams. ” Analysts said this week, the focus would be on the minutes of the US Federal Reserve meeting, which is due on Wednesday, after a scathing remark from the Fed that stunned markets last month. Silver contract was trading at Rs 70,637 per kg on MCX, which is Rs 598 or 0.85 per cent higher than the previous close.
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