Gold Rate Today: Gold declines on rising equities, fall in spot demand
SPDR Gold Trust said its holdings rose 0.53 per cent to 835.16 tonnes on Monday.
Commodity Summary MCX
A fall in demand by jewellers at spot markets and an uptick in rupee against the US dollar was also a negative for gold prices.
Global cues, however, were positive.
Gold prices continued to rise as the protracted trade war between the United States and China intensified after Washington designated Beijing a currency manipulator, prompting a flight towards safe-haven assets, Reuters reported.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.53 per cent to 835.16 tonnes on Monday from 830.76 tonnes on Friday.
Around 10:35 am, MCX Gold traded at Rs 37,108 per 10 grams, down by Rs 237.
Gold Rates - Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price |
Rs/10 grms (AHMEDABAD)
|Gold Future Price |
Rs/10 grms Expiry: 05-Dec-2019
Silver also declined after a slump in demand by industrial units and coin makers at the spot markets.
MCX Silver traded Rs 42,295 a kilo, down by Rs 188 around that time.
As per brokerage SMC Global Securities, bullion counter may witness some profit booking at higher levels.
"Gold (October) can test Rs 37,000, facing resistance near Rs 37,400 and silver (September) can slip towards Rs 42,100, facing resistance near Rs 42,500," said the brokerage.