NEW DELHI: Gold price declined slightly in Monday’s session amid weak cues from the global market and fall in demand from local jewellers.
In global markets, gold prices were lacklustre as dollar’s rise amid concerns of weak global economic growth weighed on bullion, while investors eyed signals of an ebbing trade war ahead of the G-20 meet.
Around 10:25 am, the MCX Gold was trading at Rs 30,456 per 10 grams, down by Rs 39. However, silver price saw some traction in the futures market. The MCX Silver was trading at Rs 36,134 a kilo, higher by Rs 73 at that time.
“MCX Gold remains bearish as long as Rs 30,900 is capped as resistance. It has immediate resistance at Rs 30,590 – 30,690, whereas support is placed at Rs 30,400-30,340,” Motilal Oswal Securities said in a report. The brokerage advises selling on rise.
“MCX Silver has a short-term support at Rs 35,700, whereas resistance is at Rs 36,400-36,500. Sideways consolidation is expected in the range of Rs 35,700-36,500. Trading on extreme is advised,” said Motilal Oswal Securities.