Gold may rise further

Gold prices on the Multi Commodity Exchange (MCX) opened on Wednesday at Rs 59,977 per 10 grams and hit an intraday low of Rs 59,960. Gold prices hovered around $1,964.75 per troy ounce in the international market.

Similarly, silver opened on Wednesday at Rs 71,883 per kg levels and hit an intraday low of Rs 71,813 on the MCX. The silver price in the international market was around $23.61 per troy ounce.

Anuj Gupta, Vice President of IIFL Securities, says, “Yesterday gold traded higher and closed 0.23 per cent at Rs 59,985 levels. In the international spot market, it is trading at $1,965 levels. Gold prices are taking positive cues from the US Fed decision, where the expectation of a pause in interest rates in the upcoming FOMC meeting. For today, we expect a positive trend in the prices; strong support at Rs 59,600 levels and then Rs 59,300 levels, and resistance at Rs 60,200 and then Rs 60,500 levels. One can buy around Rs 59,600-59,700 levels with a stop loss of Rs 59,300 and for the target of Rs 60,200–60500 levels. Gold may test $1,980–1,985 levels soon.”

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.

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