The downward momentum in bullion prices continued on Friday amid geopolitical concerns in the Middle East and higher crude prices. Gold futures contract, August 5 expiry, traded below 1.40 lakh per 10-gram mark in early trade, falling Rs 547 to Rs 1,39801 as compared to last day's closing of Rs 1,40,348 on Multi Commodity Exchange (MCX).
Similarly, Silver futures, September 4 expiry, fell over Rs 2,100 to an early low of Rs 2,13,824 per 10 grams as compared to the previous closing of Rs 2,16,013 per kilogram on MCX.
Last seen, MCX gold was trading at Rs 1,39,998, down 350 points or 0.25 per cent. MCX Silver was quoted at Rs 2,14,310, down Rs 1,703 or 0.79 per cent.
"MCX Gold opened on a steady note but is facing resistance near the Rs 1,40,700–Rs 1,41,000 zone. A sustained move above this region could extend the recovery toward Rs 1,42,000–Rs 1,42,700. On the downside, the Rs 1,40,000 psychological level remains the immediate support, with a break below it likely to drag prices toward the Rs 1,39,300–Rs 1,38,700 zone," said Ponmudi R, CEO of Enrich Money.
"Overall, the near-term outlook remains cautious, with prices needing to hold above Rs 1,40,000 and reclaim Rs 1,42,000 to strengthen recovery momentum," Ponmudi added.
24k, 22k Gold Rates
The gold rates for all purity levels fell in the domestic retail market as well. According to bullion.co.in, the 24 karat gold rate today is Rs 1,40,930, while the 22 karat gold rate today is Rs 1,29,186 per 10 grams.
At the same time, the 20 karat gold rate today is Rs 1,17,442 per 10 grams and the 18 karat gold rate today is Rs 1,05,698 per 10 grams. Meanwhile, the silver rate today in the domestic retail market is Rs 2,16,010 per kilogram.
This is a developing copy..