Gold prices hit weekly low, slide 1% as dollar gains


By CNBCTV18.com IST (Released)

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On MCX, gold rates fell by 1% to Rs 51,439 per 10 grams. Meanwhile, silver prices fell nearly 2% to Rs 59,574 per kg.

Domestic gold prices fell to a week low on Monday as Indian equity benchmarks extended losses and the dollar gained. On MCX, gold rates fell by 1% to Rs 51,439 per 10 grams. Meanwhile, silver prices fell nearly 2% to Rs 59,574 per kg.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities, said that last week gold closed up 1.7% but pulled back from higher levels and closed near 1700 $/oz as signs of a robust US labor market added to bets of another 75. -basis point rate.

“Gold has support at Rs 51,620-51,440, while resistance is at Rs52,210, 52,350. Silver has support at Rs60,050-59,340, while resistance is at Rs61,280-61 610,” said Rahul Kalantri, vice president of commodities, Mehta Equities. ltd.

The decline in metal prices comes as the dollar index remained flat in early trading after hitting a one-week high on Friday. US dollar index futures gained 0.02% at the time of writing.

With that, the rupee hit a record low of 82.64 against the dollar before making up for lost ground, having fallen below 82 for the first time in the previous session.


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