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Gold prices in India remained stable today with futures on MCX inching marginally higher at 47,902 per 10 gram on the occasion of Dussehra. Gold is set for its best week since early May on softer US dollar and yields that have lifted the precious yellow metal's appeal.

“Gold is all set for its best week in more than five months as a retreat in the U.S. dollar and Treasury yields lifted the metal’s appeal despite a looming Federal Reserve taper and despite a broadly shared view that the U.S. labour market has healed enough to allow the Fed to start reducing its monthly bond purchases as soon as next month, policymakers are sharply divided over inflation and what they should do about it," said Vidit Garg, Director, MyGoldKart.

Global spot gold held steady at $1,794 per ounce but was up 2.1% for the week so far. On Thursday, global gold prices hit a one-month high of over $1,800. Both the dollar index and benchmark U.S. 10-year Treasury yields pulled back from their multi-month highs. Meanwhile, spot silver was headed for its biggest weekly gain in seven.

Gold was flat to up yesterday after number of Americans filing new claims for unemployment benefits dropped below 300,000 last week for the first time in 19 months. 

“Technically this week Gold has moved to important resistance level of 1800$ and traders will cautiously watch this level for fresh clues. In the coming week technically if 1808$ is broken then we can see this rally to continue till 1832$ failure of above will drag it to 1771$," Garg added.

Meanwhile, silver futures on MCX grew surged to 669 per kg to the price level of 63,712 per kg. Though, global spot silver fell 0.3% to $23.48 per ounce but was headed for its biggest weekly gain in seven.

(With inputs from agencies)

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