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Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday following gains in the international spot prices as the US dollar weakened. Silver prices also traded higher.

At 10:20 am, gold futures for October delivery rose 0.23 percent to Rs 47,274 per 10 grams as against the previous close of Rs 47,164 and the opening price of Rs 47,299 on the MCX. Silver futures traded 0.45 percent higher at Rs 63,870 per kg. The prices opened at Rs 63,776 as compared to the previous close of Rs 63,587 per kg.

International gold prices gained on Tuesday, propped up by a sluggish dollar, with investors looking ahead to US non-farm payrolls data which could be the key to the US Federal Reserve’s stimulus-tapering decision, said a Reuters report.

Spot gold rose 0.3 percent to $1,815.16 per ounce. US  gold futures were up 0.3 percent at $1,817.40.

“The gold prices trading sideways to positive amid a weak US dollar. The jobs data from the US will be key to watch out going ahead. The outlook for silver prices also remains positive due to a rise in demand and support from gains in base metal prices,” said Ajay Kedia, Director, Kedia Advisory.

On MCX, support for gold is seen at Rs 46,940 and resistance at Rs 47,680. Silver may find support at Rs 62,900 and resistance at Rs 64,680, he added.

The dollar index slipped to a new two-week trough, extending declines after Fed chief Jerome Powells dovish remarks at the Jackson Hole symposium last week, where he gave no clear signal on the central bank’s tapering timeline.

Meanwhile, strength in the rupee amid gains in the domestic equity market limited the upside for the precious metals.

“The outlook is positive on the back of dollar and yield weakening while we recommend investors to buy gold and add more on every dip,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.

According to Matta, the key level for gold October contract is Rs 47,268.

Buy Zone Above – Rs 47,275 for the target of Rs 47,390-47,500

Sell Zone Below – Rs 47,250 for the target of Rs 47,090-46,950

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