On the Multi-Commodity Exchange , gold futures climbed 0.14 per cent at Rs 46,794 for 10 grams at 1030 hours IST on June 21.
Spot gold climbed 0.7% to $1,775.96 per ounce by 0330 GMT, while US gold futures edged up 0.3% to $1,774.7 per ounce, according to Reuters.
“Gold prices have plunge nearing $100 after the Federal Open Market Committee outcome and it could take some more time for gold to work through all the selling pressure.
“Gold on MCX is also trading with negative sentiments and a risky entry point both for traders and investors.
“The US Dollar Index surged higher and ended near the 92.00 level after a two-month gap.
“A separate manufacturing report by the Philadelphia Fed was higher than expected, with inflation-related indexes at their highest levels in 40 years.
While there is still some bullish sentiment in the marketplace, some market analysts say that it could take some time for gold to work through all the selling pressure.
So traders are advise to go long in bullion’s and traders should also focus important technical levels given below for the day: August gold closing price Rs 46,728, Support 1 – Rs 46,300, Support 2 – Rs 45,900, Resistance 1 – Rs 47,150, Resistance 2 – Rs 47,700. July Silver closing price Rs 67,598, Support 1 – Rs 66,900, Support 2 – Rs 66,200, Resistance 1 – Rs 68,300, Resistance 2 – Rs 69,000,” Khare added.