Gold prices were trading lower in the morning trade on Thursday due to low demand from jewellers amid a weak trend overseas.
MCX Gold futures were trading 0.78 per cent down at Rs 31,494 per 10
gram at around 11.10 am (IST), while MCX Silver future were down 0.55 per cent at 36,475 per 1 kg at around the same time.
Brokerage firm Motilal Oswal Financial Services said, “MCX Gold has intraday resistance at Rs 31,680-31770 and bias looks weak as long as price holds below the same. Support is placed at Rs 31,330-31220. For the session, selling on rise around Rs 31,480-31,550 is advised.”
However, the gold demand increased by 5 per cent to 159 tonne in March quarter due to fall in prices that boosted jewellery sales during wedding season, according to
World Gold Council (WGC).
The demand stood at 151.5 tonnes during the same period last year, according to WGC's ‘Q1 Gold Demand Trends' report.
In terms of value, there was a 13 per cent growth during the quarter at Rs 47,010 crore compared to Rs 41,680 crore in the same period last year.