Gold futures remained firm on Tuesday with the August contract of the yellow metal on the Multi-Commodity Exchange (MCX) nearing the Rs 48,000 per 10 gram level.
Currently, the August contract of gold on MCX is at Rs 47,882 per 10 gram, higher by Rs 583 or 1.23 per cent from its previous close.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said that international gold prices rallied, giving breakout of short term resistance above $1,800 per ounce.
The weaker dollar and economic growth concerns over higher oil prices boosted buying in gold for the day, he said.
“We expect gold prices to trade sideways to up for the day with COMEX gold support at $1,790 and resistance at $1,820 per ounce. MCX Gold August support lies at Rs 47,300 and resistance at Rs 48,000 per 10 gram,” Patel said.
Analysts said that this week, the focus would remain on the minutes from the US Federal Reserve’s meeting which is scheduled on Wednesday, after a hawkish commentary from the Fed surprised the markets last month.
The silver contract on the MCX was trading at Rs 70,637 per kg, higher by Rs 598 or 0.85 per cent from its previous close.
