Markets News

Yellow metal gained with resistance existing around Rs 46,000 levels

The yellow metal or gold was trading at a higher tad in the morning session. Although the precious metal was trading at a higher rate but weak global cues capped the gains.

April gold contracts were trading at a high level by 0.07 percent at Rs 46,275 per 10 grams. This data was updated on the Multi-Commodity Exchange around 09:15 hours.

Also, the March silver futures were trading near 0.44 percent lower at Rs 68,974 per kilogram.

It is however necessary to note that the reason why gold is moving higher is majorly because of the paused demand in the spot market.

Coming towards the domestic market, gold prices however fell down for the second consecutive day. It has come down by Rs 392 to Rs 46,446 per 10 grams in the Mumbai retail market on the back of firm equity market.

Here also, the gold prices fell due to the weak global cues. The high bond yields diminished the gold appeal in the US.  Further, the metal declined for the second consecutive week in the US market.

Both the metals have closed at weaker note in the global markets. However, the gold has current support at $1,758-1,744 levels in the global markets.

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