Gold price surges to record high
In the international market, spot gold was up 0.2 per cent at $2,283.76 per ounce in morning trade after touching an all-time high of $2,288.09 earlier in the session.
Futures of precious metals continued its downward trend on Monday with April futures dropping below Rs 45,000 per 10 gram. The surge in US 10-year bond yields weighed on the futures of the yellow metal.
On the Multi-Commodity Exchange (MCX), April contract of gold contracts was trading at Rs 44,888 per 10 gram, lower by Rs 133.00 or 0.30 per cent from its previous close. Similarly, Silver futures plunged on Monday amid weak global cues and high bond yields. The May contract of silver on the MCX was trading at Rs 66,170 per kg, lower by Rs 1,357 or 2.01 per cent from its previous close.
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As per CapitalVia’s weekly commodity report, said this week, traders should look forward to ‘sell-on-rise’ opportunity from Rs 45,200, keeping stop loss of around previous resistance level of Rs 45,650, for aiming target of Rs 44,635.
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Gold futures in the domestic market have dropped 20 per cent since the highs recorded in August last year. It hit a record high of Rs 56,200 per 10 gram amid the height of the pandemic and growing economic concerns.
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