Gold trades below Rs 27,000 in early trade; Rs 26,900 key support level to watch today
NEW DELHI: Gold and silver were trading in the red in morning trade on the Multi Commodity Exchange (MCX) amid subdued demand for the precious metals from retailers, investors, jewellers and industries.
The yellow metal was trading 0.22 per cent down at Rs 26,930 per 10 gm, while the white metal was down 0.42 per cent at Rs 38,975 per kg.
On further movement of the yellow metal, Rohit Gadia, Founder & CEO, CapitalVia Global Research, said: “Prices of precious metals may continue the downtrend ahead of the Christmas Holidays. The US Fed’s outlook for next year leaves a negative outlook for gold. For Thursday’s session, Rs 26,900, Rs 26,485 per 10 gm levels will act as major supports whereas Rs 27,280 and 27,400 levels will be major resistance.”
Nirmal Bang Commodities in a research note said: “Gold prices should consolidate between Rs 26,800 and Rs 27,200. One can trade within this range.”
Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, continued to decline on Wednesday, falling 0.43 per cent to hit 824.54 tonnes. Holdings are down over 12 per cent since November.
MCX Gold closed 0.46 per cent down at Rs 27,004 per 10 gm on Wednesday, while silver settled 0.70 per cent, or Rs 276, lower at Rs 39,150 per kg.
NCDEX data showed spot prices of gold Ahmedabad stood at Rs 27,240 per 10 gm on Wednesday, while silver Ahmedabad traded at Rs 39,480 per kg.
The yellow metal was trading 0.22 per cent down at Rs 26,930 per 10 gm, while the white metal was down 0.42 per cent at Rs 38,975 per kg.
On further movement of the yellow metal, Rohit Gadia, Founder & CEO, CapitalVia Global Research, said: “Prices of precious metals may continue the downtrend ahead of the Christmas Holidays. The US Fed’s outlook for next year leaves a negative outlook for gold. For Thursday’s session, Rs 26,900, Rs 26,485 per 10 gm levels will act as major supports whereas Rs 27,280 and 27,400 levels will be major resistance.”
Nirmal Bang Commodities in a research note said: “Gold prices should consolidate between Rs 26,800 and Rs 27,200. One can trade within this range.”
Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, continued to decline on Wednesday, falling 0.43 per cent to hit 824.54 tonnes. Holdings are down over 12 per cent since November.
MCX Gold closed 0.46 per cent down at Rs 27,004 per 10 gm on Wednesday, while silver settled 0.70 per cent, or Rs 276, lower at Rs 39,150 per kg.
NCDEX data showed spot prices of gold Ahmedabad stood at Rs 27,240 per 10 gm on Wednesday, while silver Ahmedabad traded at Rs 39,480 per kg.
