Gold edged lower on Friday in international markets but prices were still set for their first weekly gain since mid-April, as the dollar receding from two-decade highs and mounting concerns over US economic growth revived safe-haven demand. Spot gold was down 0.2 percent at $1,838.81 per ounce by 0258 GMT, tracking an uptick in the dollar on the day. US gold futures edged 0.1 percent lower to $1,839.30. Gold prices have climbed about 1.5 percent this week.
At 9:45am, gold contracts were marginally up 0.14 percent at Rs 50,615 for 10 gram on the Multi-Commodity Exchange (MCX) while silver shed 0.03 percent at Rs 61,547 a kilogram.
Precious metals prices gained as the US dollar index and benchmark Treasury yield fell more than one percent in the previous session. US spot power and natural gas prices soared near their higher levels over several parts of the country supporting the prices of precious metals. Selling pressure in the global equity market spurs safe haven demand and makes gold prices attractive for investors. In Comex, gold and silver gained around 1.30 percent while Brent crude oil prices rose nearly one percent yesterday. Buying momentum in precious metals may continue today. Gold has resistance at Rs 51000 and support at Rs 50300. Silver has resistance at Rs 62000 and support at Rs 61000, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
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