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Gold prices today fall for first time in three days

Livemint logo Livemint 10-02-2020

Gold and silver prices fell today, tracking muted global cues and a mildly higher rupee. On MCX, April gold futures fell 0.13% to 40,572 per 10 gram, their first decline in three days. Silver also weakened 0.19% to 46,130 per kg. Gold prices in India had posted a gain of 500 last week, tracking higher global rates.

The rupee today rose moderately to 71.37 against the US dollar. In India, gold prices include 12.5% import duty and 3% GST.

Also watch: How household savings can impact GDP growth (Video by Moneycontrol)

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"Gold can see some profit booking at higher levels. Gold (April futures on MCX) can dip lower towards 40,400 while facing resistance near 40,700 while silver (March futures) can dip towards 45,800 while taking resistance near 46,300," SMC Global said in a note.

In global markets, spot gold prices today edged 0.1% higher to $1,572.01 per ounce amid concerns over coronavirus. Among other main precious metals, silver and platinum were up 0.2%. Reflecting the recent price trend, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.13% to 916.08 tonnes on Friday.

In Pics: Gold prices over the years (Slideshow by Stacker)


Meanwhile, the director-general of World Health Organization, Tedros Adhanom Ghebreyesus, has warned that while the virus' spread outside China appeared to be slow, it could accelerate. A WHO-led international expert mission flew to China today to help coordinate a response to the outbreak that has so far infected more than 40,000 people and killed 908 in the country.

Analysts say that though gold is getting support from concerns over the corornavirus, weaker physical demand for gold, particularly, in China is capping gains.

A gold jewellery store in Bangalore © MANJUNATH KIRAN/AFP/Getty Images A gold jewellery store in Bangalore

This week, gold traders will be focusing on US Federal Reserve chief Jerome Powell's semi-annual testimony before Congress as the global economy continues its efforts to grapple with the impact of coronavirus outbreak.

Aside from Powell’s testimony, which starts on Tuesday, around half a dozen Fed officials are due to make public comments, ending a relatively quiet period since the January rate decision. (With Agency Inputs)

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