Gold prices were steady today in Indian markets while silver rates declined marginally, tracking muted global cues. But on a weekly basis gold is down sharply. On MCX, April gold futures were trading marginally higher at ₹40,372 per 10 gram, down about ₹820 per 10 gram from last week’s close of ₹41,205 per 10 gram. Silver futures on MCX were today trading 0.14% lower at ₹46,154 per 10 gram.
Gold can see sideways movement in 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, the brokerage said. Silver March futures 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 edged higher by 0.1% to $962.87.
In global markets, spot gold prices edged higher to to $1,568.76 per ounce, drawing support from concerns about the coronavirus outbreak and its economic impact on global economy. According to the latest data, the death toll from the coronavirus outbreak in China reached 636 by the end of Thursday, up 73 from the previous day.
Gold found support as risk sentiment remains in place as the death toll from coronavirus keeps rising, said Abhishek Bansal, chairman and managing director of Abans Group.
But for the week, gold prices are down about 1.3% in global markets as risk sentiment improved after China’s move to cut tariffs on some US imports and inject massive liquidity into markets. Besides positive economic data from the US soothed 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.
(With Agency Inputs)