NEW DELHI: Gold price saw a tepid rise in the domestic futures market in Tuesday’s session. However, silver slipped, tracking global cues.
In global markets, Gold prices softened as the hope of US-China trade truce was shattered after US President’s comment.
The anxiety ahead of the US FOMC minutes that is expected to offer clues on the pace of future US interest rate hikes also kept the sentiment sombre.
MCX Gold was trading Rs 53 higher at Rs 30,548 per 10 grams, while MCX Silver was trading Rs 44 lower at Rs 36,017 per kilo around 10:40 am.
“MCX Gold remains bearish as long as Rs 30,900 is capped as resistance. It has immediate resistances at Rs 30,590-30,690, whereas supports are placed at Rs 30,400-30,340,” Motilal Oswal Securities said in a report. The brokerage advised selling on rise.
“MCX Silver has short-term support at Rs 35,700, whereas resistances are placed at Rs 36,400-36,500. Sideways consolidation is expected in the range of Rs 35,700-36,500, the brokerage said, suggesting trading on extreme.