Gold metal gains in India; could face resistance near Rs 51,900-52,000

Gold metal gains in India; could face resistance near Rs 51,900-52,000

India Gold October Futures rose marginally on September 16 despite a muted trend seen in the international spot prices. The US Dollar gained ahead of the US Federal Reserve policy decision due later in the day.

Experts expect some volatility in the precious metal ahead of the outcome of the US Federal Reserve policy meeting later today. On the upside, the crucial resistance is placed at Rs 51900-52000 per 10 gm.

On the Multi-Commodity Exchange (MCX), October gold contracts were trading higher by 0.06 percent at Rs 51,800 per 10 gram at 0920 hours. September silver futures were trading flat at Rs 68,930 per kg.

Both the precious metals showed strength in early trading sessions on Tuesday but due to recovery in the dollar index, some profit-taking is seen at higher levels again.