Gold and silver rates traded significantly lower in the futures market in early trade on Friday amid concerns that inflation may remain higher for a longer time due to geopolitical uncertainties.
Gold futures contract, October 5 expiry, fell over Rs 1,500 to an early low of Rs 1,51,923 per 10 grams as compared to last day’s closing of Rs 1,53,466 on Multi Commodity Exchange (MCX).
Similarly, Silver futures, September 4 expiry, dipped over Rs 3,890 to a low of Rs 2,31,550 per Kilogram from last closing of Rs 2,35,447 on MCX.
Last seen, precious metal prices recovered a bit. MCX Gold was trading at Rs 1,52,574, down Rs 892 or 0.58 per cent. MCX Silver was quoted at Rs 2,33,410, down Rs 2,037 or 0.87 per cent.
“MCX Gold extends downside momentum, trading near Rs 152,500 after facing rejection from highs near Rs 155,500. Immediate resistance is placed at Rs 153,000-Rs 153,500 near open, and a decisive move above could push toward Rs 154,000-Rs 154,500. Immediate support is seen at Rs 152,000 – Rs 151,500, followed by stronger support at Rs 151,000,” said Ponmudi R, CEO of Enrich Money.
Gold, Silver Rates in International Market: COMEX Gold was trading at $4,390.10, down $30.30 or 0.69 per cent. COMEX Silver was quoted at $64.435, down $0.55 or 0.86 per cent.
24k, 22k Gold Rates In India
The gold rates mirrored the futures market trend in the domestic retail market as well. According to bullion.co.in, 24 karat gold rate today is Rs 1,52,850 per 10 grams, while 22 karat gold rate today is Rs 1,40,113 per 10 grams.
Meanwhile, 20 karat gold rate today is Rs 1,27,375 and 18 karat gold rate today is Rs 1,14,638 per 10 grams.