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    Gold price today: Bullion slumps on firm Asian equity markets

    Synopsis

    Bullion counters may witness some short covering after last week’s fall.

    gold-getty-2Getty Images
    MCX Gold (Feb) futures were down 0.30 per cent to Rs 37,586 per 10 grams, while MCX Silver (Mar) futures were down 0.16 per cent to Rs 43,476 per kg.
    New Delhi: Bullion counters were trading near their day’s lows on Monday morning amid strengthening Asian equity markets.

    MCX Gold (Feb) futures were down 0.30 per cent to Rs 37,586 per 10 grams, while MCX Silver (Mar) futures were down 0.16 per cent to Rs 43,476 per kg.

    Brokerage SMC Global said bullion counters may witness some short covering after last week’s fall. Gold can recover towards Rs 37,800 while taking support near Rs 37,500 and silver can recover towards Rs 43,800 while taking support near Rs 43,400, it added.

    In the US markets, gold prices crept higher on Monday after Washington reiterated its stance on a deadline for a new round of US tariffs on Chinese goods this weekend, supporting demand for safe havens.

    Spot gold was up 0.1 per cent at $1,460.40 per ounce, as of 0158 GMT, after having slid 1 per cent in the previous session, its biggest one-day drop in a month, reported Reuters. US gold futures were flat at $1,464.90.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Apr-2024
    27-03-20246650166399
    22-03-20246597565870
    21-03-20246667966180
    20-03-20246544665715
    19-03-20246534965576
    18-03-20246525865634
    15-03-20246536565545
    14-03-20246530965580
    13-03-20246518265851
    12-03-20246553165414
    11-03-20246554866033
    08-03-20246500766021
    07-03-20246500765423
    06-03-20246442065200
    05-03-20246441364819


    According to technical charts, spot gold may test a support at $1,455 per ounce, a break below which could cause a fall to $1,440, said a Reuters analyst. The support is provided by the 61.8 per cent projection level of an upward wave C from $1,515.41. This wave was disrupted by a strong bounce from the Nov. 12 low of $1,445.18.

    Resistance is at $1,466, a break above which could lead to a gain to $1,478. On the daily chart, gold failed to break a resistance at $1,488, the 23.6 per cent retracement of the uptrend from $1,265.90 to $1,557. It may fall towards the support at $1,446.

    A falling channel remains intact, which suggests a lower target at $1,411.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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