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Gold prices fall today after rising ₹900 per 10 gram in just a day – Livemint

Gold prices were flat today in Indian markets after a sharp rise in the previous session. On MCX, April futures were down 0.06% to 40,220 per 10 gram after rising about 900 in the previous session. Silver futures on MCX however moved higher today after getting battered over the previous few days. Silver rose 1.2% to 35,885 per kg. Domestic gold and silver prices have remained volatile this month, following a similar pattern as that of global rates. Earlier this month gold prices had hit an all-time high of about 45,000 per 10 gram before seeing a sharp fall from that level.

Gold prices in India include 12.5% import duty and 3% GST. The rupee was trading higher at 74.02 per US dollar as compared to previous close of 74.24.

MCX gold futures (April) have resistance at 40,850 and support at 39,280, Geojit Financial Services said in a note.

In global markets, gold prices advanced today after many governments and central banks announced stimulus measures handle the economic fallout of the coronavirus outbreak. Spot gold rose 0.7% to $1,538.63 per ounce while silver rose 1.7% to $12.81 after eight straight sessions of falls and platinum gained 0.8% to $666.38.

The rebound in gold prices comes after the precious metal suffered its biggest weekly fall last Friday in decades amid flight to raise cash as equity markets suffered a big selloff.

Gold may see a choppy trade in the range of $1,565-1,485 level and the breaching of any of the sides would suggest fresh direction to the commodity, Geojit Financial Services said.

Federal Reserve on Tuesday announced a series of moves aimed at bolstering liquidity and improving investor confidence, signaling it will intervene in short-term credit markets. Analysts said the Fed’s move to launch a financial crisis-era program to support US corporates helped support gold prices.

Also in the US, the Donald Trump administration proposed a massive stimulus package that could approach $1 trillion, a rescue initiative not seen since the Great Recession. Trump wants $1,000 checks sent to the public within two weeks and is urging Congress to pass the eye-popping stimulus package in a matter of days.

Britain also launched a new lending scheme to provide short-term bridging finance for large businesses hurt by the spread of coronavirus, which will be run and funded by the Bank of England.

Worldwide, coronavirus cases has crossed 187,000, while the death toll was over 7,400. (With Agency Inputs)