Gold price in India continued to rise on Friday. On the Multi-Commodity Exchange (MCX), December gold price rose 0.29 per cent to Rs 47,541 for 10 grams at 0930 hours on October 22. Silver price also increased on Friday. The precious metal rose 0.39 per cent to Rs 65,265 on Friday.
Globally, gold poised for a second weekly rise on Friday with support from a softer dollar and higher US bond yields. Spot gold rose 0.6 per cent to $1,793.11 per ounce by 0657 GMT. US gold futures gained 0.7 per cent to $1,794.20.
“Investors continue to anticipate the Fed’s tapering next month tracing strong corporate earnings, which boosted hopes of a continued economic recovery. Better than expected data also capped upside in bullion. First-time filings for jobless claims totalled 290,000 for the week ended Oct. 16. That was down 6,000 from the previous week. Continuing claims also dropped to a new pandemic low, falling to 2.48 million,” said Sriram Iyer, senior research analyst at Reliance Securities.
“International gold prices have started higher this Friday morning in Asian trade supported by a softer start of the US dollar. Technically, LBMA Gold resistances remain at $1800 and $1810. Supports remain at $1770 and $1760.
Domestic gold prices could start with gains this Friday morning, tracking overseas prices. Technically, MCX Gold December resistances remain at Rs 47,650 and Rs 47,850. Supports remain at Rs 47,200 and Rs 46,950,” Iyer added.
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