Gold Price in India: Domestic gold futures witnessed a highly volatile trading session on Thursday, December 10, as the yellow metal witnessed a sharp decline due to lower global precious metal prices and stronger American currency. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, first lost steam, then gained towards the latter half of the day. MCX gold futures were last seen trading higher by 0.32 per cent at Rs 49,481 having swung between Rs 49,250 and Rs 49,433 during the session compared to their previous close of Rs 49,260. Silver futures for a March 5 delivery were higher by 0.54 per cent at Rs 63,841. (Also Read: Is Silver The New Gold?)
In the national capital, gold prices fell by as much as Rs 534 to Rs 48,652 per 10 gram today on a weak global trend. Silver rates also declined by Rs 628 to Rs 62,711 per kilogram, from Rs 63,339 per kg in the previous trade. In the international market, gold dipped to $1,835 per ounce and silver was trading flat at $ 23.84 per ounce.
Meanwhile, the rupee snapped its two-day winning streak and registered its first loss in three days after it slipped by nine paise lower against the US dollar on Thursday, at 73.66 (provisional), against muted domestic equities and a stronger American currency.
Domestic spot gold closed at Rs 49,191 per 10 grams on Thursday, and silver at Rs 62,600 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
"Gold prices witnessed declined as negotiations over further US fiscal stimulus dragged on and the dollar rose for a fourth straight session," said HDFC Securities Senior Analyst (Commodities) Tapan Patel.
''MCX Gold February is trading with negative momentum and took the resistance of 50200 which is also 50-Daily Moving Average. Yellow metal also breaks the support of 49500 which is last 21 Days SMA, downside support for the metal is 49000 & 48500 upside resistance for the metal is 49500 and 50200,'' said Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.