MUMBAI (Commodity Online): MCX gold and silver are trading up on Thursday, driven by a higher Chinese inflation data.
MCX Gold April contract is trading at Rs 28285/10gm after opening the day at Rs 28197/10gm, up 0.39% for the day as of 10:40 AM IST. MCX silver March contract is trading at Rs 57098 after opening at Rs 56836, up 0.49%. Both metals are also trading positive at the COMEX.
-Chinese inflation for the month of January came in a 4.5%, higher than the expected 4%. China is one of the largest buyers of gold and as such the high inflation data made investors rush into the safety of precious metals.
Technical Targets by Angel Commodities
MCX gold April support Rs 28056/Rs 27936, resistance at Rs 28245/Rs 28365
MCX silver March support Rs 56414/RS 56000, resistance at Rs 57500/Rs 58180
Trade recommendation for the day
