Gold and silver today edged higher in Indian markets, tracking positive global cues. On MCX, gold futures rose 0.28per cent to Rs 46,737 per 10 gram while silver advanced 0.17 per cent to Rs 67,752 per kg. In the previous session, gold had dropped 0.75 per cent while silver had edged 0.14 per cent lower. MCX gold has support at the downside at Rs 46,300 while it faces resistance at Rs 47100, according to CapitalVia Investment Advisor said.
In global markets, gold edged lower, supported by a weaker US dollar. Spot gold rose 0.2 per cent to $1,738.96 per ounce while among other precious metals, silver rose 0.5 per cent to $25.53 and platinum gained 0.5 per cent to $1,176. The dollar index held near a three-week low against a basket of currencies, edging lower to 91.665. Further supporting bullion, US bond yields also leveled off.
CapitalVia remains positive on gold for the short term. “Treasury yields appear to be topping out which could lead to a rally in the yellow metal. Downside support is $1720 levels, Resistance is at $1760 levels,” it said.
Technically, MCX silver has downside support at Rs 66,000 levels and resistance at Rs 68,000, says CapitalVia.