The Indian gold have risen above the level of Rs 48,000 per 10 gm on February 3 in its April Futures. It has backed up with the positive trend in the international spot prices.
Also, the March Silver futures hiked up by around 2 percent.
The April contracts were trading nearly higher by 0.42 percent on the Multi-Commodity-Exchange (MCX).
Gold prices closed nearly at Rs 48,024 for per 10 grams on the MCX. The silver March futures too were trading higher nearly around Rs 68,770 per kilogram.
There are many positive results that came out with the Union Budget. Both the gold and silver jumped on February 2. It happened most probably due to the gains in the domestic market and strengthening of dollar index.
Gold April futures later on closed at $1833.40 per troy ounce along with this the Silver March futures settled at $26.40 per troy ounce.
Yellow metal, however has a support by 47500-47200 levels with resistance at 48000-48300 levels.
Meanwhile, the silver also has a support at 66600-65500 levels along with a resistance around 68800-70000 levels.
Buying can be possible around 47400-47200 range with a stop loss of 46900 for gold. However, experts are suggesting not to trade in silver futures contract as of now.
Further, the MCX April has ended negatively below 47500 levels and can further fall down to 47,300 – 47,000 levels.
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