Gold and silver on the Multi Commodity Exchange (MCX) were trading on a flat note on Tuesday following lacklustre demand for precious metals from jewellers, traders and industries.
The yellow metal was down 0.06 per cent or Rs 18, at Rs 28,768 per 10 gram around 10.10 am (IST), while the white metal was trading 0.04 per cent or Rs 17, up at Rs 41,709 per 1 kg around the same time.
Angel Commodities Broking believes that gold prices are likely to trade higher on Tuesday. “The metal can find strong resistance at Rs 28,930 per 10 gram and thereafter at Rs 29,050 per 10 gram. Immediate support is seen at Rs 28,680 per 10 gram and thereafter at Rs 28,500 per 10 gram.”
Gold prices on Monday closed 0.56 per cent up at Rs 28,785 per 10 gram. Silver settled 0.57 per cent higher at Rs 41,660 per 1 kg.
Nirmal Bang Commodities is also bullish on the further movement of gold. “One can buy yellow metal with a stop loss below Rs 28,680 per 10 gram for the target at Rs 29,000. However, silver prices could witness a sideway move from Rs 42,100-41,100. One can sell for trading with a stop loss above Rs 42100.”