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Gold Price Today: Yellow metal declines on MCX; should you buy? Experts recommend this | Check rates in your city

Gold Price Today: A decline is being seen in the yellow metal price on the last day of the week. On the Multi Commodity Exchange (MCX), the October futures were trading 0.19 per cent lower at Rs 51,606 per 10 grams. Opposite to this, Silver September futures were trading higher at Rs 55,480 per kg. The metal was up by 0.16 per cent on Friday at 11:15 am.

Driven by foreign fund inflows and a firm trend in domestic equities, the Rupee appreciated 6 paise to 79.86 against the US dollar in opening trade on August 26.

“Dip in dollar and treasury yields on weaker U.S. economic data has led to a rise in gold prices. The focus would be on Jackson hole symposium speech and US GDP data to understand the clear trend in gold,” said Vice President and Head of Research of ShareIndia Ravi Singh.

He added, till then gold prices may move in a range-bound zone.
Buy Zone Above – 51800 for the target of 52000
Sell Zone Below – 51550 for the target of 51200

“Gold and Silver were lower again and hit MCX October Gold yesterday closed positive at 51702(+0.50%)and September Silver closed at 55389(+0.90%), Bullions chars are looking positive, Momentum Indicator RSI also indicating the same,” said AVP- Research Commodities of Ganganagar Commodity Limited Amit Khare, so traders are advised to make fresh buy position in Gold and Silver near given support below:
Gold October Support 51600/51400 and Resistance 51880/52060
Silver September Support 55200/54700 and Resistance 55800/56500

In the equity markets, the 30-share BSE Sensex was trading 471.65 points or 0.80 percent up at 59,246.37. Similarly, the broader NSE Nifty rose 139.50 points or 0.80 percent to 17,661.95.

Here are the indicative price of 22 Carat Gold Today, 26 August 2022, in major Indian cities (except GST, TCS, and other levies):

Chennai : Rs 48,400

Mumbai : Rs 47,650

Delhi : Rs 47,800

Kolkata : Rs 47,650

Bangalore : Rs 47,700

Hyderabad : Rs 47,650

Kerala : Rs 47,650

Ahmedabad : Rs 47,700

Lucknow : Rs 47,800

Patna : Rs 47,730

Chandigarh : Rs 47,800

Bhubaneswar : Rs 47,650

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)

(With the inputs of PTI)

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