Rudra Investment Experts Says that Best Commodity Tips Gold prices have risen sharply in the futures market. On Monday, the commodity exchange MCX rose by Rs 217, or 0.71 percent, to Rs 30,653 per ten grams on the bullion market on Monday. Similarly, silver for December delivery rose by Rs 206, or 0.56 percent, to Rs 37,199 per kg on MCX. The gold market in the overseas market is around $ 1196 per ounce.
Check gold prices today
Brokerage firm SMC Securities said in its report that gold can take support at 30,300 rupees per 10 grams level, whereas its resistance level is around 30,700 rupees per ten grams. Similarly, silver can take around 36,500 support, while its resistance level is around 37,300.
Meanwhile, there has been no change in the holdings of the world's largest gold fund SPDR Gold Trust GLD. On Monday, the holding of SPDR has remained around 742.53 tonnes.
Why rise in gold?
According to Rudra Investment experts, a trade war between America and China is expected to increase. The US is preparing to impose an import duty on some new goods from China.
According to sources, America can again announce a tariff on Chinese goods worth $ 200 billion. This has led to increased demand for safe investment in gold. Besides, the dollar index has seen stability. Last week the dollar index reached a one-and-a-half month high.
Gold rose 12.6 percent from April
Gold prices in the overseas market have climbed nearly 12.6% since April this year. In fact, with the possibility of interest rates rising in the US, gold prices have been declining.
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