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Gold Rate Today: Gold, silver bullish on rising demand, firm overseas trend

NEW DELHI: Bullion was emitting shine in Tuesday's sess..

NEW DELHI: Bullion was emitting shine in Tuesday's session as the rise in demand from local jewellers amid firm trend overseas boosted gold and silver in the domestic futures market.

Around 10:35 am, the MCX Gold was trading at Rs 30,800 per 10 grams, up Rs 52 and MCX Silver was trading at Rs 36,344 a kilo, higher by Rs 191.

In global markets, gold prices hit over a month high after the dollar weakened against its peers post the US-China trade truce.

A weak dollar means gold will appreciate as the commodity becomes cheaper in other currencies, giving rise in demand.

"MCX Gold will trade with positive bias for the session as long as Rs 30,855-30,725 is held as support. The metal looks to target Rs 31,100-31,180 level," Motilal Oswal Securities said. The brokerage advised buying on dips around Rs 30,900.

For MCX Silver, too, the brokerage advised buying on dips. "The intraday support for MCX Silver is at Rs 37,040-36,900 and bias looks positive as long as the price holds above this level. The resistance for the commodity is at Rs 37,425-37,600," the brokerage said.

Original Article

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