Gold metal trades above Rs 48,000, may face support at 48,330

Gold metal trades above Rs 48,000, may face support at 48,330

Gold prices rose in Indian markets on December 1 on higher international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.36 percent at Rs 48,090 per 10 gram at 0920 hours. March silver was trading 1.29 percent higher at Rs 61,000 per kg.

Experts are of the view that the yellow metal could see buying on dips ahead of US manufacturing data and Fed chairman testimony. Crucial support is placed at Rs 47,500, while on the upside, the yellow metal could find resistance near 48,100-48,330.

On November 30, both metals extended falls amid positive news on the COVID-19 vaccine. Gold and silver settled weaker in the international markets. February gold futures contract settled at $1,780.90 per troy ounce and March silver futures contract at $22.59 per troy ounce.