Gold and Silver continued falling momentum on the first day of the week, on Monday, as the crude prices remained lower and positive global cues lowered the demand. Gold futures contract, August 5 expiry, was trading at Rs 1,43,400, down Rs 762 or 0.53 per cent as compared to last day's closing of Rs 1,44,162 per 10 grams on Multi Commodity Exchange (MCX). Similarly, Silver futures, September 4 expiry, were quoted at Rs 2,23,200, down Rs 272.00 or 0.12 per cent from last session's closing of Rs 2,23,472 per kilogram on MCX.
"MCX Gold opened on a steady note but slipped below the Rs 1,44,000 mark, reflecting a weak undertone amid ongoing volatility. On the upside, immediate resistance is placed at Rs 1,45,000–Rs 1,45,500, and a sustained move above this zone could trigger a recovery toward Rs 1,46,500–Rs 1,47,000 and further toward Rs 1,48,000," said Ponmudi R, CEO Of Enrich Money.
"On the downside, a break below the Rs 1,43,000 level could intensify selling pressure and drag prices toward Rs 1,41,600–Rs 1,41,200, with further weakness toward the Rs 1,40,500–Rs 1,40,000 psychological zone," Ponmudi added.
24k, 22k Gold Rates
On the domestic futures market, the yellow metal price declined in the domestic retail market as well. According to bullion.co.in, the 24 karat gold rate today is Rs 1,43,550 per 10 grams, while the 22 karat gold rate in India is Rs 1,31,588 per 10 grams.
At the same time, the 20 karat gold rate today is Rs 1,19,625 per 10 grams, and the 18 karat gold rate today is Rs 1,07,663 per 10 grams. Meanwhile, the silver rate today in the domestic retail market is Rs 2,22,760 per kilogram.
Gold and Silver Rates in the International Market
The gold and silver traded lower in the international futures market as well. Last seen, COMEX Gold was trading at $4,071.10, down $25.20 or 0.62 per cent. COMEX Silver $58.205, down $1.019 or 1.72 per cent.