Gold prices hit day’s low at Rs 50,579, enter red territory

On November 18, India’s Gold MCX December Futures has slipped in the red tracking. According to the experts, precious metals will remain volatile due to weakness in the dollar index and rising coronavirus cases. Gold prices could get support, around 50,500-50,300 levels while silver might get support at 62600-62100 levels in the domestic market.

December gold contracts were trading lower by 0.37 percent at Rs 50,579 per 10 grams at 0920 hours. December silver futures were trading 0.5 percent lower at Rs 62,900 per kg.


On Tuesday, in the international markets, Gold and silver were settled slightly on a weaker note.
Gold December futures contracts were settled at $1885.10 per troy ounce while silver December futures contracts settled at $24.65 per troy ounce.

Both the precious metals were also settled on a weaker note in the domestic market. Director Head-Commodity & Currency Research at Prithvi Finmart, Manoj Jain, said, “Despite weakness in the dollar index gold and silver prices are struggling amid rising hopes for the COVID-19 vaccine. Gold and silver prices are stuck up between vaccine hopes and rising coronavirus cases,”

He further added, “We expect both the precious metals remain volatile amid weakness in the dollar index and rising coronavirus cases could support prices but vaccine hopes will restrict gains. At MCX, gold is having support at 50500-50330 and resistance at 50920-51050,”
Jain further said, “Silver has support at 62600-62100 levels and the resistance is placed at 63800-65400 levels”.

“We expect both sides to move in the gold and silver in today’s session,” he added.