The Gold and Silver saw profit booking as on Monday as equities across the world continued their climb on hopes of swift economic recovery. Gold may have fallen from the record high but experts say the crucial support for the yellow metal is placed at Rs 47,500-47,600 levels per 10 gm.
On the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.42 percent at Rs 47,842 per 10 gram at 0920 hours. July futures for silver were trading 0.36 percent lower at Rs 49,000 per kg.
Last week, gold and silver extended gain in the international market. Gold tested its fresh eight-year high at the Comex division and crossed $1,800 per troy ounce during the week. Silver also crossed $18.50 per troy ounce.
Gold settled at Rs 48,046 with a weekly loss of 0.54 percent while silver settled on a positive note at Rs 49,177 with a weekly gain of around 1.5 percent.
According to Money Control, “Rising coronavirus cases and toll reaching closer to 11 million in the world, weakness in the dollar index and geopolitical tensions were supporting prices of both the precious metals,” Manoj Jain, Director (Head – Commodity & Currency Research) at Prithvi Finmart Pvt Ltd.
“However, strong US job data released on Wednesday and better-than- expected US, China, and EU manufacturing PMI triggered some profit-taking at higher levels in both the precious metals.”