On MCX, gold rates were down 1 percent at Rs 51,439 per 10 gram. Meanwhile, Silver prices slumped nearly 2 percent to Rs 59,574 per Kg.
Domestic gold prices dropped to a week-low on Monday as Indian equity benchmarks extended losses and the dollar gained. On MCX, gold rates were down 1 percent at Rs 51,439 per 10 gram. Meanwhile, Silver prices slumped nearly 2 percent to Rs 59,574 per Kg.
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Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities, said that last week, Gold closed 1.7 percent higher but retreated from higher levels and closed near $1700/oz as signs of robust US labor market added to bets of another 75-bps rate.
"Gold has support at Rs 51,620-51,440, while resistance is at Rs52,210, 52,350. Silver has support at Rs60,050-59,340, while resistance is at Rs61,280–61,610," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
The drop in metal prices comes as the dollar index was steady in early trade after touching a one-week high on Friday. US Dollar Index Futures gained 0.02 percent at the time of writing this report.
With this, the rupee hit a record low of 82.64 against the dollar before making up lost ground, after sinking below the 82 mark for the first time ever in the previous session.
Meanwhile, the Sensex and the Nifty50 extended losses after a gap-down start on Monday and Brent crude futures were down a percent at $97 per barrel at the last count.