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Gold rate today: On MCX, gold fell to  ₹40,049 per 10 gram (Reuters)
Gold rate today: On MCX, gold fell to 40,049 per 10 gram (Reuters)

Gold prices today fall for third time in four days

  • Gold prices are down about 1,250 per 10 gram from their highs hit last month
  • Gold may remain sideways movement in near term, say analyts

Gold prices today fell in Indian markets today, their third decline in four days. On MCX, gold April futures fell 0.38% to 40,049 per 10 gram after they had advanced 0.6% in the previous session. Gold prices had hit record high of 41,293 per 10 gram last month. Silver futures on MCX however today edged 0.15% higher to 45,797 per kg. In global markets, gold prices remained steady at $1,556.36 per ounce. Strong US economic data followed by a rally in global equity markets offset fears over a rapidly spreading coronavirus outbreak.

Gold may remain sideways movement in near term, says SMC Global in a note. MCX gold futures (April) can dip lower towards 39,900 while facing resistance near 40,200 while silver (March) can test 45,600 while facing resistance near 46,200, the brokerage added.

A higher rupee has also weighed on domestic prices, says Jigar Trivedi, research analyst at Anand Rathi Shares. "We expect gold to trade with weaker tone intraday with support near 39,900- 39,830 and resistance around 40,200," he said.

Domestic gold prices in India include 12.5% import duty and 3% GST. India imports most of its gold requirement.

Among other precious metals, in global markets, silver rose 0.4% to $17.67 while palladium remained unchanged at $2,431.69 an ounce and platinum edged higher by 0.1% to $982.60.

According to latest reports, 73 people on the Chinese mainland died on Wednesday from the virus outbreak, the highest daily increase so far. The death toll now stands at 563. Meanwhile, the World Health Organization played down media reports of "breakthrough" drugs being discovered to treat people infected with the new coronavirus.

The US Senate on Wednesday acquitted President Donald Trump in his impeachment trial nine months before he asks voters to give him a second White House term. (With Agency Inputs)

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