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Gold rate today: Bullion counters trade near flatline as traders assess situation in China

Gold futures on MCX were up 0.11 per cent at Rs 39,955 per 10 grams.

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Last Updated: Jan 23, 2020, 10.01 AM IST
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A Reuters technical analyst said spot gold is biased to revisit its Januray 21 low of $1,545.96 per ounce, as it looks shaky around a resistance at $1,564.

Commodity Summary
MCX

GOLD
SILVER
Bullion counters were trading close to the flatline as traders were assessing the conditions in China where a new flu-like virus claimed 17 lives and the cases of infection confirmed in more than 540 cases.

The situation led to a city at the centre of the outbreak, Wuhan, to close transportation networks and urge citizens not to leave.

Gold futures on MCX were up 0.11 per cent at Rs 39,955 per 10 grams, while silver futures were down 0.19 per cent to Rs 46145 per kg.

Globally, spot gold was flat at $1,558.93 per ounce by 0127 GMT. US gold futures rose 0.3 per cent at $1,561.00.

A Reuters technical analyst said spot gold is biased to revisit its Januray 21 low of $1,545.96 per ounce, as it looks shaky around a resistance at $1,564.

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



The resistance is identified as the 38.2 per cent retracement of the downtrend from the January 8 high of $1,610.90 to $1,535.63. The metal could be consolidating in a range of $1,547-$1,564.

Signals will remain rather mixed until the metal gets out of the range. A break below $1,547 could confirm the continuation of the downtrend from $1,610.90, while a break above $1,564 could signal the extension of the bounce from $1,535.63.

Meanwhile, gold production in Russia rose 16.2 per cent in the first 11 months of 2019 to 337.26 tonnes from 290.3 tonnes in the same period a year earlier, Russia's finance ministry said on Wednesday.

In other precious metals, palladium advanced 1.1 per cent to $2,499.44 an ounce, silver remained unchanged at $17.82 per ounce and platinum edged lower by 0.1 per cent to $1,011.15.

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