Gold Silver Price: There is a lot of volatility in the rates of gold and silver between the new variants of Corona and the concern of inflation. Some days it sees an uptrend and some days there is pressure on its price. Amidst the boom in the stock market, there is pressure on the price of gold today. On MCX, gold for delivery in August was trading at Rs 47467 per ten grams, down by Rs 106 at 10 am. Similarly, gold for delivery in October was trading down by Rs 93 at Rs 47783 per ten grams.
There is also pressure on the price of gold in the international market. At this time it was trading at a level of $ 1,798.70 per ounce, down 0.26 percent ($ 4.70). Silver is also showing pressure and it was trading at the level of $ 25.25 an ounce. In the domestic market, silver for September delivery on MCX was trading at Rs 67025 per kg with a fall of Rs 112 (Silver price today). Similarly, silver for December delivery was down by Rs 82 to trade at Rs 68281 per kg.
In a report published in Money Control, Manoj Kumar Jain, Director of Prithvifinmart Commodity Research, said that there is a strong support for gold on MCX at the level of 47400-47180 while there is a strong resistance at the level of 47770-47920. Support for silver lies between 66800-66400 while resistance lies at 67700-68100. For silver, buy advice has been given at 66900 level and sell advice has been given at 68100. The stoploss for this will be the level of 66400.
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