Futures of gold, which were soaring well above the Rs 50,000 mark till sometime back amid the weak economic scenario, have now started to ease and have fallen below the Rs 49,000-mark amid optimism regarding vaccines for the novel Coronavirus.
Mumbai: The December contract of gold on the Multi Commodity Exchange (MCX) is currently trading at Rs 48,975 per 10 gram, lower by Rs 505 or 1.02 per cent from its previous close. Similarly, domestic futures of silver also continued its downward trend on Tuesday and its December contract on the MCX is currently at Rs 59,825 per kg, lower by Rs 700 or 1.16 per cent from its previous close. Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking Ltd, said that noted that the decline has been on the back of recovery in global equity market and development on the front of corona virus vaccine. Gold ETF holding is also falling more than a million ounce in this month, he said. “The trend of gold and silver now become down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 49,800 levels with the stop loss of Rs 50,100 levels for the target of 49,000 levels,” Gupta said. In the international market, gold may test $1780 to $1800 per ounce levels soon, according to him.