Commodities

Gold rate today: Yellow metal falls below Rs 40,000 per 10 grams

Updated : March 23, 2020 01:26 PM IST

"The sentiment for gold prices remains low. MCX gold may see immediate resistance at Rs 40,300 levels and support at Rs 39,500 levels," Shrivastava added.

Gold prices in India tumbled from day's high to trade lower on Multi Commodity Exchange (MCX) Monday as investors resorted to panic selling amid the global meltdown in financial markets, analysts said.

At 1:20 pm, gold futures for April delivery fell 0.94 percent to Rs 39,980 per 10 grams as against the previous close of Rs 40,358 and opening price of Rs 40,721 on the MCX.

"Investors are cashing out their portfolio across assets to cover up their margin calls. Panic selling as the spread of coronavirus increased rapidly also led losses in yellow metal prices," said Vipul Shrivastava, Research Analyst - Bullion & Energy, Religare Broking.

In global market, gold prices fell on Monday as investors liquidated their positions in the safe-haven metal despite stimulus measures from global central banks to combat economic damage from the coronavirus outbreak.

"The sentiment for gold prices remains low. MCX gold may see immediate resistance at Rs 40,300 levels and support at Rs 39,500 levels," Shrivastava added.

Meanwhile, silver futures traded 0.05 percent higher at Rs 35,860 per kg. The prices opened at Rs 36,409 as compared to the previous close of Rs 35,843 per kg.

Gold rate today: Yellow metal falls below Rs 40,000 per 10 grams

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