Mumbai: Gold price edged higher on Monday. On the Multi-Commodity Exchange (MCX), October gold futures rose to Rs 47,239 for 10 gram. Silver also rose by 0.34% to Rs 61,928 per kilogram.
In the Kerala market, the price of sovereign gold surged marginally Rs 10 per gram and reached at Rs 4425. 8 gram gold is priced at Rs 35,400, up by Rs 80. In the last 10 days, the price has risen by Rs 750 per gram.
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In the international market, gold price inched lower on Monday. Spot gold fell 0.1% to US dollar 1,779.12 per ounce. US gold futures were down 0.2% to US dollar 1,780.40.
‘Gold and silver are making bottom, Momentum indicator RSI creating a positive divergence in silver in four hourly charts. So, traders are advised to create fresh longs positions in gold and silver. Traders should also focus important technical levels given below for the day: August gold closing price Rs 47,158, Support 1 – Rs 46,950, Support 2 – Rs 46,800, Resistance 1 – Rs 47,350, Resistance 2 – Rs 47,500. September Silver closing price Rs 61,721, Support 1 – Rs 61,100, Support 2 – Rs 60,500, Resistance 1 – Rs 62,350, Resistance 2 – Rs 63,000’, said Amit khare, AVP- research commodities, Ganganagar Commodities Limited.
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