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Gold rate slips over 0.50% in early trade, may test Rs 45,900

The yellow metal was down 0.66 per cent at Rs 46,390 per 10 gram in the morning trade. On the other hand, white metal silver traded 0.69 per cent lower at Rs 48,474 per 1 kg.

ETMarkets.com|
Last Updated: Jun 05, 2020, 06.53 PM IST
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Reuters
Gold-1---reuters
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings, dipped 0.1 per cent to 1,132.21 tonnes on Thursday.
Gold futures were trading lower in early trade on Friday, ahead of a highly awaited US jobs report as markets pinned hopes on economic recovery.

The yellow metal was down 0.66 per cent at Rs 46,390 per 10 gram in the morning trade. On the other hand, white metal silver traded 0.69 per cent lower at Rs 48,474 per 1 kg.

“Bullion counter may trade with a bearish bias. Gold may test Rs 45,900 and facing resistance near Rs 46,900 while silver may test Rs 48,000 while facing resistance near Rs 49,300,” SMC Global Securities said in a report.

Gold Rates - Spot & Futures (.995 purity) (MCX)

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Aug-2020
07-07-20204823548794
03-07-20204822748050
01-07-20204873048245
26-06-20204811748315
25-06-20204802147950
23-06-20204794248257
19-06-20204751947930
18-06-20204730247368
16-06-20204737447620
12-06-20204733747364
10-06-20204678246644
09-06-20204658846581


Globally, gold is set for a third consecutive weekly drop. The dollar index has fallen over 1.5 per cent this week, making gold cheaper for holders of other currencies.

There are hopes factors like weakness in dollar, trade tensions and risks of a second coronavirus wave may provide some support to the yellow metal going ahead.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings, dipped 0.1 per cent to 1,132.21 tonnes on Thursday.

Investors now wait for the US nonfarm payrolls data for May due at 1230 GMT, which is likely to show payrolls falling by 8 million after a record 20.537 million plunge in April, as per a Reuters survey.
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