Like in the MCX market
Gold prices moved higher on Friday night in the Multi Commodity Exchange (MCX) market. Rising prices in the international market have also had an impact on the domestic market. That is why the price of gold futures rose by 0.22 per cent. Gold price touched Rs 50,656. Silver futures also rose 0.43 percent. Rs 61,830.
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US dollar withdrawn
The US dollar has fallen below a two-decade high. Demand for this specialty has grown significantly as a result of growing concerns over US economic growth. Ravi Singh, Vice President and Head of Research, Share India, said that factors such as geographical instability and inflation also contributed to the rise in the pound.
In technical terms, gold and silver prices fell. Therefore, the prices are likely to go up sharply in the near future, said Amit Khare, Ganganagar Commodity AVP-Research Commodities. Short covering is said to be the reason for this. The momentum indicator RSI suggests the same thing. It was suggested that a new buying position could be created at the support levels of Rs 50,400 as well as Rs 50,200.
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