Gold and silver prices advanced on Tuesday amid choppiness in the US dollar and bond yields post mixed US jobs report and ahead of central bank decisions from Australia and European Central Bank.
Gold futures for October delivery were trading Rs 172 or 0.34 per cent higher at Rs 50,605 per 10 gram on
. Silver futures advanced Rs 504 or 0.94 per cent to Rs 53,894 per kg.
“Also supporting gold and other commodities is China’s willingness to take additional measures to support economic activity and renewed energy concerns relating to Europe. ETF flows, however, show weaker investor interest. Gold’s sharp fall has made it vulnerable to short covering and we could see some extended gains as market focus shifts from Fed to other central banks as it may keep the US dollar volatile,” said Ravindra Rao of Kotak Securities.
Rahul Kalantri of Mehta Equities said gold has support at Rs 50,250–49,940, while resistance is at Rs 50,680–50,840. Silver has support at Rs 52,750-52,320, while resistance is at Rs 53,980–54,410, he said.
Global markets
Spot gold was up 0.4% at $1,717.09 per ounce as of 0358 GMT, having risen nearly 1% earlier in the session, Reuters reported. U.S. gold futures gained 0.4% to $1,729.10.
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