The Yellow metal in India witnessed the high jump around Rs 47,000-mark on Monday. The gold had recovered after touching a five-month low last week. On the Multi-Commodity Exchange, October gold contracts jumped 0.14 percent to Rs 47,006 for 10 grams at 0920 hours on August 16. However, Silver was in the red zone on Monday. The precious metal September future dropped 0.06 percent to Rs 63,203 on August 16.

In the international market, gold prices jumped to near a one-week high on Monday. Spot gold was flat at $1,779.51 per ounce by 0100 GMT, having earlier hit a high since Aug. 6 at $1,780.82. US gold futures were up 0.2 percent to $1,781.20, according to Reuters. Silver fell 0.2% to $23.69 per ounce. The US dollar index was at a one-week low on Friday, making gold cheaper for holders of other currencies.

“Gold is right now weak, gaining support and hovering near lows. It’s still range-bound, but has not breached the lows. It’s a wait and watch to see if it breaks the support of Rs 45,000 for 10-gram levels or continues the momentary upside to Rs 47,500 for 10 grams. Same correlated as $1720 per ounce which could bring it down to $1580 per ounce or on the higher side beyond $1845 per ounce for an investment recommendation,” said NS Ramaswamy, Head of Commodities, Ventura Securities Ltd.

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