Gold futures were last seen trading lower by Rs 62- or 0.13 per cent - at Rs 48,338 Gold Rate In India: Gold futures traded in the negative territory on Friday, July 16, as the yellow metal mirrored global trends.
Gold rates in worldwide markets likewise edged greater and are set for their 4th straight weekly gain.
On the Multi Commodity Exchange (MCX), gold futures due for an August 5 shipment, were last seen trading lower by Rs 62 - or 0.13 percent - at Rs 48,338, compared to their previous close of Rs 48,400.
Silver futures due for a September 3 shipment were last down 0.09 per cent at Rs 69,615 against a previous close of Rs 69,681.
Domestic spot gold opened at Rs 48,399 per 10 grams on Friday, and silver at Rs 69,403 per kilogram - both rates leaving out GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What experts say: Kshitij Purohit, Lead Currency - & Commodities, CapitalVia Global Research Limited.
MCX Gold future has actually opened a little gapped down at 48378, trading to the support of 15-SMA of intraday chart placed near 48270.
The key difficulty is at 48500.
The rate has stayed sideways to partially positive in previous few sessions.MCX Silver future has actually inched higher on Friday with gapped up at 69906, inclined by +0.26% from previous closing, trading with sideways to marginally favorable momentum.
The price has actually sustained above the key assistance of 15-SMA of hourly chart put at 69638.
The resistance holds near mental mark of 70000.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities: Gold increased in intraday trade the other day amid weaker United States Dollar and softening US 10 yr.
bond yields as unpredictability on Fed's position on tapering bond purchases weigh.United States Treasury yields continued its slide as it was up to one-week lows as Federal Reserve Chair Jerome Powell in his testimony prior to Congress, for the 2nd day, preserved that rising inflation is most likely to be temporal which the United States central bank would continue to support the economy.Although the general bias is on the benefit one has to beware as any uptick in dollar might pressurize gold.