Gold prices are stable today in Indian markets while silver rates are turning down marginally, tracing silent global cues. But on a weekly basis, gold is knocking down sharply.
MCX (Multi Commodity Exchange of India Ltd)
“Gold can see sideways movement in the near term,” says SMC Global in a note. Gold (April futures on MCX) can take support near ₹40,250 while facing resistance near ₹40,600, said by the brokerage. Silver (March futures on MCX) may take support near ₹46000 while taking resistance near ₹46,600, it added.
Among other precious metals, palladium advanced 0.4% to $2,355.36 an ounce while silver rose 0.1% to $17.83 and platinum sharps higher by 0.1% to $962.87. In global markets, spot gold prices edged higher to $1,568.76 per ounce, drawing support from concerns about the coronavirus outbursts and its economic impact on the global economy.
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Abhishek Bansal, the chairman and managing director of Abans Group said, “Gold found support as risk feeling remains in place as the death toll from coronavirus keeps rising.”
But for the week, gold prices are dropped about 1.3% in global markets as risk feeling improved after China’s step to remove charges on some US imports and insert hefty fluid into the markets. Besides positive economic data from the US reassure investor’s nerves.
Gold prices in India include 12.5% import duty and 3% GST and last month they had hit a record high of ₹41,293 per 10 gram.