Homemarket Newscommodities News

Gold prices drop as dollar continues upward movement, white metal down 1%

Gold prices drop as dollar continues upward movement, white metal down 1%

Gold prices drop as dollar continues upward movement, white metal down 1%
Read Time
2 Min(s) Read
Profile image

By CNBCTV18.com Oct 12, 2022 2:38:01 PM IST (Published)

On MCX, gold rates were down 0.25 percent at Rs 50,970 per 10 grams after it opened at Rs 50,780 early Wednesday. Meanwhile, Silver rates slipped nearly 1 percent, touching Rs 58,017 per Kgs.

Gold prices opened lower on Wednesday as the dollar continued its upward movement for the sixth session in a row and crude oil prices eased. Indian equity benchmarks BSE Sensex and NSE Nifty50 also began Wednesday's session with cautious gains.

Recommended Articles

View All

On MCX, gold rates were down 0.25 percent at Rs 50,970 per 10 grams after it opened at Rs 50,780 early Wednesday. Meanwhile, Silver rates slipped nearly 1 percent, touching Rs 58,017 per Kgs.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expected gold and silver to remain volatile in today’s session.
"At MCX, gold is having support at Rs 50,880-Rs 50,720 and resistance at Rs 51,250-Rs 51,480 while silver is having support at Rs 58,000-Rs 57,550 and resistance at Rs 59,000-Rs 59,660," he said.
Kumar also suggested selling gold below Rs 51,000 with a stop loss of 51,200 for the target of Rs 50,700.
The drop in metal prices came as the dollar index continued its upward movement for the sixth session in a row. However, at the time of writing this report, US Dollar Index Futures was 0.09 percent lower at 113.023. The rupee edged higher to 82.28 against the US dollar on Wednesday.
Moreover, in early trade, crude oil prices fell amid a rise in COVID-19 cases in China that triggered fears of slowing global demand. Brent crude futures were down 0.6 percent at $93.8 per barrel initially.
Meanwhile, the Sensex and the Nifty50 rose on Wednesday after three days of losses in a rebound aided by financial, IT and oil and gas shares. Besides, the global markets have been under pressure with the Dow Jones down almost 10 percent in the past month and the Nasdaq correcting 15 percent in the same period.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng