/Gold price today: Yellow metal trades near Rs 46,750; silver cheaper by Rs 250

Gold price today: Yellow metal trades near Rs 46,750; silver cheaper by Rs 250

NEW DELHI: Gold futures were trading with cuts on Friday but the damage was capped as a weakness in the dollar and Treasury yields offered support along with a surprise jump in US jobless claims.

The US dollar fell to a two-week low against a basket of currencies after the number of Americans filing new unemployment claims increased for the second straight week, last week. US Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell.

Gold futures on MCX were down 0.17 per cent or Rs 79 at Rs 46,759 per 10 grams. Silver futures dipped 0.36 per cent or Rs 246 to Rs 67,255 per kg.

In the spot market, gold rose by Rs 182 to Rs 45,975 per 10 gram in the national capital on Thursday following gains in the international precious metal prices. Silver also witnessed increased buying and jumped Rs 725 to Rs 66,175 per kg.

Trading strategy
“We expect gold prices to trade sideways to up for the day with COMEX gold support at $ 1,740 and resistance at $ 1,765 per ounce. MCX Gold June support lies at Rs 46,500 and resistance at Rs 47,200 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Global markets
Spot gold was steady at $ 1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $ 1,758.45 an ounce on Thursday. However, US gold futures fell 0.1 per cent on Friday to $ 1,756.20 per ounce.

Silver stood unchanged at $ 25.45 and was set for its biggest weekly gain in four. Palladium was down 0.2 per cent to $ 2,618.51. Platinum fell 0.3 per cent to $ 1,225.95 but was set for its second straight weekly gain.

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