In Indian markets, gold underperformed due to weak global cues, but silver maintained over the 70,000 level. Gold futures on the MCX remained unchanged at 47,309 per 10 gramme, while silver prices rose 0.35 per cent to 70,425 per kg. According to experts, MCX gold has resistance at 47,600 and support at 46,650. After reaching a record high of 56,200 last year, the precious metal has suffered this year.
Gold rates were marginally lower on worldwide markets, pushed down by a higher US dollar. Gold was down 0.1 per cent at $1,785.41 per ounce in the spot market, sliding from a two-week high in the previous session. Silver declined 0.2 per cent to $26.40 per ounce, while platinum fell 0.3 per cent to $1,086.4 per ounce, among many other valuable stones.
As the Indian market reopens, gold was sold at a premium for the first time in more than two months last week, with demand gradually recovering. The minutes of the Fed’s most recent meeting, which will be issued on Wednesday, will be closely watched by gold traders. On Friday, the Group of Twenty finance ministers and central bankers will convene.
Gold ETF flows continued sluggish. The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, saw its assets drop to 1,042.58 tons on Friday, down from 1,043.16 tonnes the day before.