MCX Gold watch: Gold nearly Rs 300 per 10 gram, silver crosses Rs 63K mark

The precious metal Gold in prices today (Friday) in India witnessed some rebound after falling for the last few days. On the Multi Commodity Exchange (MCX), Gold October futures were up 0.60 percent at Rs 47,519 as of 12:33 pm vis-a-vis closing value of Rs 47,237. Likewise, Silver September futures on MCX were up 0.79 percent at Rs 63,220 per kg as against Thursday's closing price of Rs 62,723. In the international spot market, gold traded 0.60 percent higher at USD1,806.15 and silver was trading higher by 0.88 percent at USD23.762 per ounce. 

Both gold and silver have seen high volatility ahead of U.S Fedwel chairman's speech at Jackson Hole Symposium later in the day. The slower economic recovery and surge in virus cases may support gold prices to trade firm for the day.

As per analytics point of view, "Safe-haven buying has come from rising geopolitical tensions in Afghanistan. According to HDFC Securities, MCX Gold October futures may find at Rs 46,900 and on the upside it faces resistance at Rs 47,500 level. Spot market prices of yellow metal in India have remained nearly flat over the last one week. According to Indian Bullion and Jewellers Association, spot gold of 24k purity was sold at Rs 4762 per 1 gram and gold of 22k purity was priced at Rs 4,600 per gram.

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