New Delhi: Gold futures on the Multi Commodity Exchange (MCX), gold contracts for December delivery traded 0.27 percent at Rs 78,775 per 10 grams around 11.19 am. It recorded previous close of Rs 78,566. Silver futures for December delivery on the other hand were down to Rs 97,410 per kg.
Gold prices fell Rs 400 to Rs 81,100 per 10 grams in the national capital on Monday. The precious metal of 99.9 per cent and 99.5 per cent purity had revisited its all-time of Rs 81,500 and Rs 81,100 per 10 grams, respectively, on Saturday. Meanwhile, gold of 99.5 per cent purity declined Rs 400 to Rs 80,700 per 10 grams on Monday.
In 2024, gold experienced an impressive rally, achieving a 24 per cent return on domestic exchanges, with prices currently nearing resistance around Rs. 79,800 per 10 grams (USD 2,800 per ounce). Technical indicators reveal an overbought condition, hinting at a possible short-term correction.
Analysts forecast that prices could pull back to Rs. 76,700 per 10 grams (USD 2,675 per ounce) before resuming upward movement. For traders, ideal buying opportunities emerge at Rs. 76,500 per 10 grams, with targets set for Rs. 83,000 per 10 grams, and potentially Rs. 86,000 per 10 grams. A drop below Rs. 72,300 per 10 grams, however, could signal a bearish turn, with prices potentially declining to Rs. 70,000 per 10 grams if this key level is breached.
With Agency Inputs
Stay informed on all the , real-time updates, and follow all the important headlines in and on Zee News.
