On the Multi-Commodity Exchange , gold futures climbed 0.36 per cent at Rs 47,126 for 10 grams at 0950 hours IST on June 18.
Spot gold was up 0.6% at $1,784.16 per ounce, as of 0258 GMT.
“International spot gold and silver prices have started marginally higher on bargain buying and some short covering in futures side of things on Friday morning in Asian trade.
“Domestic gold and silver prices could start marginally higher on Friday morning, tracking overseas prices, but upside will be capped.
“On the domestic front, MCX Gold August will continue its Bearish momentum below 47000 level.
Fundamentally we are of the view that rising inflation and rising interest rates mean economies are stronger, suggesting more consumer and commercial demand for metals and also needs to keep in mind that problematic inflation has historically been bullish for yellow metal, as a hedge against rising prices.
Day trading will be riskier due to expected high volatility but investors may find the right pricing for stocking after this panic selling.
So traders are advise to create long positions in bullion’s and traders should also focus important technical levels given below for the day: August Gold closing price Rs 46,958, Support 1 – Rs 46,700, Support 2 – 46,200, Resistance 1 – 47250, Resistance 2 – Rs 47,750. July Silver closing price Rs 67,599, Support 1 – Rs 67,500, Support 2 – Rs 66,900, Resistance 1 – Rs 68,100, Resistance 2 – Rs 68,700,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.