MCX gold declines slightly; supports are around Rs. 59200-58950 and resistance is at Rs. 59650-59810.

Silver rates fell by 0.32% on Thursday, while gold prices just slightly declined. Gold October futures were selling at Rs 59,460 per 10 grams on the Multi Commodity Exchange, down Rs 18 or 0.03%. On the MCX, silver December futures were trading at Rs 76,037 per kilogram, down Rs 243.

Although inflation figures anticipated later in the day could change this picture, gold prices firmed near one-month highs on Thursday as a fresh set of weak U.S. data added to expectations that the Federal Reserve will delay rate hikes this year, according to Reuters. Gold’s spot price increased 0.2% to $1,945.40 per ounce. At $1,972.40, U.S. gold futures were stable.

“Silver hit a four-week high in early trading, and gold reached a three-week high as a result of poor U.S. economic data. The depreciation of the dollar and the drop in U.S. 10-year bond yields below 3.15 percent served as catalysts that increased interest in precious metals. Gold finds support between $1934 -1922 and resistance near $1958 -1970, indicating a tumultuous day is expected.

Support for gold in Indian rupees is between Rs. 59,200 and Rs. 58,950, while resistance is between Rs. 59,650 and Rs. 59,810. According to Rahul Kalantri, VP of Commodities at Mehta Equities, silver follows a similar trend, with support at $24.45 – 24.28 and Rs 73,910 – 73,250, and resistance near $24.82 – 25.00 and Rs 75,440 – 76,040.

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