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Gold price today: Bullion slumps on firm Asian equity markets

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

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Last Updated: Dec 09, 2019, 10.29 AM IST|Original: Dec 09, 2019, 10.29 AM IST
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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.

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MCX

GOLD
SILVER
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)



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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