After the gold prices settled on a positive note on Friday, the precious yellow metal was trading flat on Monday, 5 July. At 10.45 am, the August gold contracts were trading at Rs 47,322 for 10 grams as they were 0.08 percent higher. On the other hand, July silver futures were trading at Rs 70,510 per kg, after increasing 0.46 percent, reported CNBC TV18.
Director of Kedia Advisory, Ajay Kedia said that the concerns for the new variant of coronavirus are supporting the safe haven appeal of the gold but it is also showing profit booking at higher levels.
According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities said that MCX Gold August support was at Rs 47,000 and it has resistance at Rs 47,600 per 10 gram. He added that with COMEX spot gold support at $1,770 and resistance at $1,800 per ounce, the gold prices are expected to trade sideways to up, according to The Economic Times.
The dollar increased by 0.1 percent against its rivals which has made gold expensive in other currencies. The prices of spot gold in the international market were down 0.1 percent to $1,785.41 per ounce. Since 18 June, the yellow metal hit its highest on Friday at $1,794.86. The gold futures in the US have gone up to $1,785.20, after increasing 0.1 percent.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust has said that its holdings fell from 1,043.16 tonnes on Thursday to 1,042.58 tonnes on Friday.