Gold prices rise above Rs 46,000, gains after 20% decline from record high

Mumbai: India Gold MCX (Multi Commodity Exchange), April futures trade higher on Monday but experts feel that it could face some resistance around 46,600 levels. Gold has recovered from recent lows, but exchange traded fund (ETF) outflows and higher US and global bond yields, suggest experts.

On the MCX, gold futures for April delivery hold on to Rs 46,000 levels and it was in fact up by around Rs 90 at Rs 46,320 per 10 gm. March silver futures were trading 0.56 per cent higher at Rs 69,400 a kilogram.

“At MCX, Gold has support around Rs 46,000-45,770 and resistance at Rs 46,480-46,620 and silver is having support at Rs 68,200-67,500 and resistance at Rs 69,900-70,700 levels. We suggest buying in the silver around Rs 68,500 with the stop loss of Rs 67,800 on a closing basis for the target of Rs 70,200,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart said.

In India, demand for the commodity is showing resilience as prices have dropped a record 20 per cent from the highs seen in August-September last year.

Gold and silver prices have weakened at global markets, making the domestic prices in India also weak, resulting in the fall of prices. However, the gold prices mentioned here are due at 8 am, the prices could alter at every moment, and hence the gold buyers need to track the live prices at a given time. The mentioned price is closing prices of yesterday while today’s price would begin either with a decrease or an increase.

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