NEW DELHI: Gold price inched lower in the domestic futures market in Friday’s session on lower demand of the commodity by local jewellers at the spot market despite firm global trend.
Internationally, gold prices edged higher on Friday and were on track for their best week in 15, as the dollar weakened on renewed speculation of an imminent pause in the US Federal Reserve’s tightening cycle, Reuters reported.
Around 10:30 am, the MCX Gold was trading at Rs 31,055 per 10 grams, lower by Rs 34.
However, silver prices witnessed tepid gains due to slightly higher demand from industrial units and coin maker. The MCX Silver was trading at Rs 37,252 per kg, higher by Rs 34 at that time.
Brokerage Motilal Oswal Securities said MCX Gold may trade in a sideways range today.
“A key support for the commodity is at Rs 30,900-30,870, whereas it has a resistance at Rs 31,270-31,350. A price break on either side will give further trend confirmation,” the brokerage said.
For MCX Silver, the brokerage sees a strong immediate resistance at Rs 37,550-37,625, and a key support at Rs 37,070-36,900.