Gold price on Friday rose marginally after hitting lowest in over a month in the previous session. On the Multi-Commodity Exchange (MCX), gold futures climbed 0.36 per cent at Rs 47,126 for 10 grams at 0950 hours IST on June 18. Silver also edged higher on Friday. July silver futures were trading 1.09 per cent higher at Rs 68,336 a kilogram.
In the international market, gold rose on Friday. Spot gold was up 0.6% at $1,784.16 per ounce, as of 0258 GMT. However, prices have fallen nearly 5% so far this week. US gold futures gained 0.5% to $1,783.20.
“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. However, upside will be capped as the dollar could continue its bullish momentum after Federal Reserve announcement. Technically, LBMA Gold Spot could see sideways to marginal downside momentum up to $1773-$1755 levels. Resistance is at $1791-$1812 levels. LBMA Silver is below $26.50 and will continue its bearish momentum up to $25.80-$24.10 levels. Resistance is at $26.65-$26.90 levels,” Sriram Iyer, senior research analyst at Reliance Securities
Domestic gold and silver prices could start marginally higher on Friday morning, tracking overseas prices, but upside will be capped. On the other hand, weaker Rupee could cap downside,” Iyer added.
Technical mechzone 