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    Gold rate today: Yellow metal falls 1%; Support seen at Rs 49,800 per 10 grams

    Gold rate today: Yellow metal falls 1%; Support seen at Rs 49,800 per 10 grams

    Gold rate today: Yellow metal falls 1%; Support seen at Rs 49,800 per 10 grams
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    By Ankit Gohel   IST (Published)

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    Gold prices in India declined nearly 1 percent to trade near Rs 50,000 per 10 grams level on the Multi Commodity Exchange (MCX) Monday following a muted trend in the international spot prices. Silver prices also fell by 1 percent.

    Gold prices in India declined nearly 1 percent to trade near Rs 50,000 per 10 grams level on the Multi Commodity Exchange (MCX) Monday following a muted trend in the international spot prices. Silver prices also fell by 1 percent.
    At 11:40 am, gold futures for December delivery fell 0.96 percent to Rs 50,084 per 10 grams as against the previous close of Rs 50,570 and opening price of Rs 50,230 on the MCX. Silver futures traded 1.06 percent lower at Rs 60,494 per kg. The prices opened at Rs 60,737 as compared to the previous close of Rs 61,145 per kg.
    “Gold prices declined as investors' risk sentiment improved. The equity markets all over traded higher, pressurizing the gold prices. It’s a sell on rally market for gold,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.
    International gold prices were little changed on Monday, as investors sought more clarity on developments in US President Donald Trump's health after he tested positive for COVID-19 last week, Reuters reported.
    The stock markets rose on hopes that Trump could be discharged from hospital later in the day.
    Meanwhile, investors will eye negotiations over a new US coronavirus relief aid aimed to cushion the economic blow from the pandemic.
    “Gold prices may find support at Rs 49,800 level while resistance is placed at Rs 50,300 level. For silver, support is seen at Rs 59,500 level,” Sajeja added.
    Gains in the domestic equity market pressurized yellow metal prices.
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