Gold price down today: Gold and silver prices plunged again on Monday amid demand fears from China after coronavirus’s rapid spread in the country. Both the precious metals settled on a weaker note in international markets. Gold price down today, check latest rate.
The Russia-Ukraine crisis and pressure on global equity markets are supporting precious metals. Gold holds its key support level of $1884 per troy ounce and silver could hold $23.00 per troy ounce levels in upcoming sessions.
Gold has support at $1884-1870 per troy ounce and resistance at $1910-1922 per troy ounce while silver has support at $23.40-23.00 and resistance at $23.88-24.20 per troy ounce. Gold prices in India edged higher in early trade after tumbling in the previous session.
On MCX, gold prices were up 0.19% to Rs 51,489 per 10 gram while silver rose 0.56% to Rs 65,480 per kg. In the previous session, gold had tumbled Rs 850 or 1.6% per 10 gram to hit a near one-month low while silver had slumped Rs 1,500 or 2.25% per kg.
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At MCX, gold has support at Rs 51220-51000 and resistance at Rs 51580-51770 while silver has support at Rs 64800-64440 and resistance at Rs 65550-66100. We suggest buying gold above Rs 51400 with a stop loss of Rs 51180 on a closing basis for target of Rs 51750 and silver above Rs 65220 with a stop loss of Rs 64770 on a closing basis for target of Rs 66100.
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