Gold continued its downward trend on Thursday with the metal futures on the MCX sliding below the Rs 49,500 mark amid the bearish markets.
Gold prices in India remained stable today with futures on MCX opening at Rs 49,400 per 10 gram to reach a low of Rs 49,248.. In the previous session, gold was down 1.0%. On MCX, silver December futures plunged nearly 3% to the days lowest price level of Rs 56,020 per kg after opening at Rs 57,900.
Anuj Gupta, Commodities and Currencies Research, Angel Broking said, “As for today, traders can sell gold for the target of Rs 49,600 levels with the stop loss of Rs 50,550. They can also sell silver with the stop loss of Rs 61,800 and for the target of Rs 59,500”.
In global markets, gold prices continued its downtrend today with spot gold falling by 0.4% to $1,856 per Troy ounce. Silver plunged 2.6% to $22 per Troy ounce
