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Gold rate today: Bullion counters mixed as Chinese govt announces measures

MCX gold was down 0.17 per cent to Rs 40,911, while MCX silver was up 0.35 per cent to Rs 46,388.

ETMarkets.com|
Last Updated: Feb 17, 2020, 10.08 AM IST
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According to a Reuters technical analyst, spot gold may climb to $1,593 per ounce, as suggested by a wedge and a retracement analysis.

Commodity Summary
MCX

GOLD
SILVER
Bullion counters were mixed in early trade on Monday as soaring death count from the coronavirus infection pushed prices up, while announcement of upcoming measures by Chinese government put downward pressure.

China's Finance Minister on Sunday said that Beijing would roll out targeted and phased tax and fee cuts as the total number of deaths neared 1,800.

MCX gold was down 0.17 per cent to Rs 40,911, while MCX silver was up 0.35 per cent to Rs 46,388.

According to a Reuters technical analyst, spot gold may climb to $1,593 per ounce, as suggested by a wedge and a retracement analysis.

The metal has risen above the upper trendline of the wedge, which has been more or less confirmed as a bullish continuation pattern, suggesting a target around $1,630.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 03-Apr-2020
27-03-202040989.043387.0
27-03-202040989.043557.0
24-03-202040989.041348.0
20-03-202041125.040784.0
17-03-202039741.040434.0
13-03-202041859.040464.0
11-03-202043427.043378.0
06-03-202044315.044229.0
03-03-202042315.043489.0


Globally, gold held near the two-week high that it scaled in the previous session on uncertainty over the impact of the coronavirus outbreak on the global economy.

Spot gold was little changed at $1,582.27 per ounce as of 0226 GMT, having touched its highest since February 3 at $1,584.65 on Friday. US gold futures eased by 0.1 per cent to $1,585.40.

Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2 per cent to 923.99 tonnes on Friday from 922.23 tonnes on Thursday.

Elsewhere, palladium rose 0.5 per cent to $2,443.61 an ounce, silver was up 0.6 per cent at $17.84, while platinum gained 0.3 per cent to $966.40.

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