Mumbai: In the Kerala market, the price of sovereign gold rose for second day in a row to reach at Rs 35,560, up by Rs 160 per 8 grams. One gram gold is now at Rs 4445, higher by Rs 20. On Monday, gold settled at Rs 35,400per 8 grams.
Meanwhile, on the Multi Commodity Exchange (MCX), the October gold futures were down by 0.21% or Rs 100 to Rs 47,485 per 10 grams. Silver futures also fell by 0.23% or Rs 147 to Rs 62,780 per kilogram. On Monday gold and silver settled at Rs 47,584 and Rs 62,927 respectively.
In the international market, price of spot gold declined by 0.2% to US dollar 1801.78 per ounce. US gold futures remained firm at US dollar 1804.90 per ounce.
‘Concerns of delta variant of the virus could impact global economic recoveries in coming months and supports both the precious metals. Geo-political tensions in the middle-east could also support precious metal prices. We expect gold and silver could show further strength in upcoming sessions. At MCX, Gold has support at 47330-47100 and resistance at 47770-47920; silver is having support at 62500-62200 and resistance at 63300-63900 levels’, said Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research.