NEW DELHI: Gold prices witnessed a strong fall in futures trade in Thursday’s session, hit by a slump in demand at the spot market even as global trend remained supportive.
Silver also plunged in the domestic futures market on reduced orders from industrial units and coin makers.
The MCX Gold was trading at Rs 32,901 per 10 grams, down by Rs 110, while MCX Silver was trading Rs 145 lower at Rs 39,441 a kilo around 10:40 am.
Gold prices edged higher in global markets as soft US inflation data raised expectations that the Federal Reserve will pause rate hikes this year, while investors were looking for developments in trade talks between Washington and Beijing, Reuters reported.
As per the brokerage Motilal Oswal Securities, MCX Gold has support at Rs 32,770-32,700 but has resistance at Rs 33,080-33,150.
The intraday resistance for MCX Silver is at Rs 39,700 while it has support at Rs 39,350-39,250, the brokerage said.
Source: Economic Times