The gold price was up in Friday’s early trade, as the yellow metal’s price increased by Rs 230 from the previous day’s rate with 10 grams of 24-carat gold selling at Rs 51,990. Meanwhile, 10 grams of 22-carat gold, after a decrease of Rs 200, is trading at Rs 47,650. On the other handThe prices of silver, went down by Rs 300 trading at Rs 60,200 per kg.
Gold prices were flat on Friday in global markets but on course for their second straight weekly decline, with worries over major central banks potentially implementing high-interest rate hikes to target runaway inflation weighing on bullion demand. Gold contracts were trading 0.1 percent lower at Rs 50,543 for 10 grams on the Multi-Commodity Exchange (MCX), while silver declined 0.06 percent to Rs 59,470 a kilogram.
Gold prices traded stable on Friday with spot gold prices at COMEX trading marginal up near $1825 per ounce in the morning trade. Gold prices are suffering to find a way over dollar dominance and firm U.S. bond yields. The commitment from U.S. Fed to tackle inflation has restricted the upside in the yellow metal, said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1810 and resistance at $1840 per ounce. MCX Gold August support lies at Rs 50,300 levels and resistance at Rs 50,900 levels, he added.