Gold trades higher in early trade; key resistance at Rs 27,500 level

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NEW DELHI: Gold and silver futures (MCX) traded in the green on the Multi Commodity Exchange in early trade on Wednesday amid strong demand from retailers, investors and industries.

The yellow metal was trading 0.26 per cent, or Rs 70, higher at Rs 27,200 per 10 gm at around 10.15 am, while the white metal traded 0.79 per cent, or Rs 311, higher at Rs 39,737 per 1 kg.

Prices of the precious metals slipped on Tuesday after the dollar rose and investors sold on expectations of stronger global economic growth and higher US interest rates, while terror attack in Turkey and Germany failed to spur safe-haven buying.

Nirmal Bang Commodities expects prices of gold and silver to remain rangebound on Wednesday as the US dollar edged slightly lower from its 14-year high touched in the previous day.

Mustafa Nadeem, CEO, Epic Research said support for gold MCX is seen at Rs 27,000 and Rs 26,800 per 10 gm while resistance exits at Rs 27,500 and Rs 27,600.

“A pullback may be seen due to oversold indicators and investors can also buy on dips. Support for silver MCX stood at Rs 38,700 and Rs 38,400 per kg while resistance stood at Rs 39,400 and Rs 40,100 per kg,” he said.

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 828.10 tonnes, unchanged from the previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,552.24 tonnes down 23.59 tonnes, from previous close.
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