Gold Price Gains 1%, Trades Above Rs. 47150; Silver Jumps 2%

Gold prices in India traded higher in the futures market on the Multi Commodity Exchange (MCX) mirroring trend in the international markets. At 2:26 pm, gold futures for April delivery quoted higher by 0.98 percent or Rs. 459 at Rs. 47,174 per 10 gm. Also, silver traded with gain of close to 2% or Rs. 1243 at Rs. 68061 per kg.

Gold Price Gains 1%, Trades Above Rs. 47150; Silver Jumps 2%

Internationally gold prices edged higher today following a steep fall of over 2 percent in the previous session to an over 2-month low. Spot gold gained 0.1 percent to $1,794.11 per ounce. US gold futures gained 0.2 percent to $1,794.70.

"Gold and silver prices gained on short-covering after last night's drop, but still an overall trend in the precious metal remains bearish on a rising dollar and Treasury yields," said Ajay Kedia, director, Kedia Commodity Comtrade.

On Thursday, spot gold prices plunged over 2.2 percent to close at $1792.3 per ounce on stronger US dollar index, better than expected US unemployment claims data, and rally in the global equities market. Gold price breached important support level of $1,820 and below this level, the bias remains weak, Kedia added.

On a weekly basis gold was down 2.8%, on course for its biggest weekly decline since November end pressurized by strengthening of the US dollar, Reuters reported. And the dollar was on course for its best week in three months.

"On MCX, gold may see a pullback move today towards Rs 47,100-47,200 level. These levels will act as resistance for gold while support is seen at Rs 46,300 level. Silver may face resistance at Rs 68,500 level and support at Rs 66,200 level," Kedia said.

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