President Tayyip Erdogan, on Saturday, unexpectedly fired Turkey’s central bank chief, Naci Agbal, replacing him with a former ruling party legislator and opponent of tight monetary policy, Sahap Kavcioglu.
Gold futures on MCX were down 0.07 per cent or Rs 32 at Rs 44,989 per 10 grams. Silver futures dropped 1.38 per cent or Rs 929 to Rs 66,598 per kg.
“Gold prices traded weak on Monday with spot gold prices at COMEX were trading near $1739 per ounce in the morning trade. The yellow metal traded under pressure on stronger dollar and mixed global cues,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
In the spot market, gold in the national capital on Friday gained Rs 168 to Rs 44,580 per 10 gram supported by recovery in global precious metal prices. Silver, however, declined by Rs 135 to Rs 66,706 per kilogram.
|Date||Gold Spot Price
Rs/10 grms (AHMEDABAD)
|Gold Future Price
Rs/10 grms Expiry: 05-Apr-2021
“The higher bond yields have capped upside in gold prices while inflation concerns and pandemic worries are supporting prices to trade in current range. We expect gold prices to trade sideways to down for the day with support at $1,720 and resistance at $1,755 per ounce. MCX Gold April futures support lies at Rs 44,700 and resistance at Rs 45,200 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold fell 0.3 per cent to $1,739.80 per ounce by 0052 GMT. US gold futures were down 0.2 per cent at $1,738.80 per ounce.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3 per cent to 1,051.78 tonnes on Friday from 1,048.28 tonnes on Thursday.
Palladium rose 0.2 per cent to $2,641.18, Silver fell 1.2 per cent to $25.92 and platinum was down 1.3 per cent at $1,181.28.
This content was originally published here.
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