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Gold Slips on Muted Spot Demand, Weak Global Trend

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NEW DELHI: Muted demand by jewellers at the spot market and uninspiring global trend dragged gold prices lower in Thursday’s futures trade.

Dollar’s rise against its peers weighed on gold prices in global markets. The dollar index was trading near a two-week peak and extended gains for a third straight session against its peers, making dollar-denominated metals more expensive for holders of other currencies, Reuters reported.

Silver also traded in a narrow range amid muted demand by industrial units and coin makers.

Gold Rate Today

The MCX Gold was trading at Rs 31,999 per 10 grams, down by Rs 17, while MCX Silver was trading Rs 7 higher at Rs 38,022 a kilo around 10:50 am. As per brokerage Motilal Oswal Securities, MCX Gold may get support at Rs 31,950-31,850, whereas resistance is at Rs 32,070-32,150 for the session.

Courtesy: Economic Times

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