On the Multi-Commodity Exchange , gold futures rose 0.11% to Rs 46,976 for 10 grams at 0950 hours IST on June 28.
In the international market, gold prices slipped to a one-week low on Monday, weighed down by a bounce in the dollar and mixed signals from the US Federal Reserve on monetary policy.
According to CFTC data, on the speculative side of things, gold net longs were reduced by 38,288 contracts to 76,163, while silver net longs were reduced by 16,675 contracts to 29,882 in the week to June 22,” said Sriram Iyer, senior research analyst at Reliance Securities.
“International spot gold and silver prices have started flat to weaker this Monday morning in Asian trade.
On the domestic front, MCX Gold August holds a strong support of Rs 46,800 where it could bounce back up to Rs 47,000-47,200 levels.
10-year yield stalled at 1.50%, Another bullish signal is that bitcoin is not seeing a renewed rally after briefly falling below $30,000 and erasing all the year-to-date gains this week,” said Amit Khare, AVP research commodities, Ganganagar Commodities Limited.
“Gold and silver both are trading at oversold zone.
“The confusion over the FOMC hawkish message followed by Powell’s dovish testimony has created uncertainty which is keeping gold below the $1,800 an ounce.