NEW DELHI: Gold prices were steady in Friday’s early trade but looked set for a fifth straight weekly loss.

Gold futures on

were marginally lower about 0.06 per cent or Rs 31 at Rs 50,197 per 10 grams. However, silver futures traded lower by 0.23 per cent or Rs 129 at Rs 54,906 per kg.

goldpricetoday

The dollar edged off recent 20-year highs, easing some pressure on demand for greenback-priced gold among overseas investors, after sending bullion over 2 per cent lower on Thursday.

Higher interest rates and bond yields raise the opportunity cost of holding non-yielding bullion.

In the spot market, the highest purity gold was sold at Rs 50,565 per 10 grams while silver was priced at Rs 55,685 per kg on Thursday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have plunged close to Rs 1,750 per 10 grams in the last 10 days, whereas silver has tanked about Rs 2,500 per kg in the same period of review.

Trading Strategy
“Gold has support at $1,700-1,688, while resistance is at $1,724-1,734. Silver has support at $18.00-17.82, while resistance is at $18.60-18.78, said Rahul Kalantri, VP Commodities, Mehta Equities.

“In rupee terms, gold has support at Rs 50,050–49,750, while resistance is at Rs 50,560–50,740. Silver has support at Rs 54,450-53,750, while resistance is at Rs 55,780–56,510,” he added.

Global markets
Spot gold was up 0.2 per cent at $1,713.04 per ounce but has lost 1.6 per cent so far this week. US gold futures rose 0.4 per cent to $1,712.10.

Spot silver dipped 0.1 per cent to $18.36 per ounce but has fallen about 4.9 per cent in what could be its seventh straight weekly loss.

Platinum gained 0.5 per cent to $847.36. It has dropped about 5.5 per cent this week, the most in three months. Palladium rose 0.8 per cent to $1,911.45 but lost about 12.4 per cent this week, the most since last November.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)