Daijiworld Media Network - Mumbai
Mumbai, Oct 23: Gold and silver futures continued their downward trend on Friday, October 23, as rising crude oil prices put pressure on precious metals in the domestic market.
On the Multi Commodity Exchange (MCX), gold futures opened at Rs 1,42,058 per 10 grams, down Rs 1,251 from the previous close of Rs 1,43,309. The contract touched an intraday low of Rs 1,41,806, declining Rs 1,503 or 1.04 per cent. It was last trading at Rs 1,41,894, down Rs 1,415 or 0.99 per cent.
Gold futures for February delivery also declined by Rs 1,498, or 1.03 per cent, to Rs 1,44,437 per 10 grams, with a trading volume of 762 lots.
Silver futures for December 4 delivery opened at Rs 1,96,587 per kg, compared with the previous close of Rs 1,99,599, marking a fall of Rs 3,012 or 1.50 per cent. The contract later touched an intraday low of Rs 1,92,800, down Rs 6,799 or 3.40 per cent. It was last trading at Rs 1,93,598, down Rs 6,001 or 3.01 per cent, after touching an intraday high of Rs 1,96,924.
Ponmudi R, CEO of Enrich Money, said gold futures opened with a gap down near Rs 1,42,060 and recovered modestly during the session.
He said the Rs 1,43,000–Rs 1,43,700 range, which had previously acted as support, had now become an immediate resistance zone, followed by Rs 1,45,300–Rs 1,46,000. On the downside, support was seen at Rs 1,40,000–Rs 1,41,000, with another support zone at Rs 1,37,500–Rs 1,38,300.
The Relative Strength Index (RSI), at around 32, was approaching oversold territory, while the widening negative Moving Average Convergence Divergence (MACD) histogram indicated continued downward momentum, he added.
In international markets, COMEX gold fell 0.73 per cent to around USD 4,030.90 per troy ounce. Spot gold was quoted at USD 4,010.41 per ounce at 9.45 am, down USD 34.31 or 0.85 per cent.
In the retail market, 24-carat gold in Delhi was priced at Rs 1,44,520 per 10 grams, while 22-carat gold stood at Rs 1,32,490.
In Mumbai, Kolkata and Chennai, 24-carat gold was quoted at Rs 1,42,480 per 10 grams, while 22-carat gold stood at Rs 1,30,600 per 10 grams.
Silver was priced at Rs 2,20,000 per kg in Delhi, Mumbai and Kolkata. In Chennai, the price stood at Rs 2,25,000 per kg.