Gold Rate Today: After Rs 2,500 weekly uptick, gold falls by Rs 360. What should traders do?
The MCX December gold futures were trading at Rs 59,040 per 10 gram, down by Rs 368, or 0.62%. Meanwhile, the December silver futures were trading at Rs 70,870 per kg, lower by Rs 417 or 0.58%.
Both gold and silver gained over 4% in the week gone by.
The prices fell despite weakness in the dollar index (DXY) which was trading at 106.54 against six top global currencies and was down by $0.11 or 0.11%.
India's largest commodity derivatives exchange the Multi Commodity Exchange of India (MCX) went live today at 10:45 am on its brand new web-based commodity derivatives platform (CDP) instead of the regular 9 am schedule.
On Comex, Gold futures were trading at $1,932.25 per troy ounce on Monday, down by $8.75 or 0.45% while Silver futures were at $22.815, higher by $0.075 or 0.330%.
«Last week we noticed the biggest move in gold where the prices increased by Rs 2,537 or 4.46% per 10 gram on a weekly basis and closed at Rs 59,408 levels.
Meanwhile, Silver futures jumped by Rs 3,117 per kg or 4.57% higher and closed at Rs 71,287,» Anuj Gupta, Head Commodity & Currency, HDFC Securities said.
Notwithstanding today’s correction, Gupta expects gold and silver futures to trade positive in the coming week with December gold futures finding support at Rs 58,800-58,300 levels, while resistance at Rs 59,800-60500 levels.
Gold futures are up 3.14% or by Rs 1,808 on the month-to-date basis while they have gained 7.98% or by Rs 4,391 on the year-to-date basis, Gupta said.
