Today the gold price was flat today in the Indian market after a sharp rise in the previous session. On MCX, April futures were down 0.06 per cent to Rs 40,220 per 10 gram after rising about Rs 900 in the previous session. Silver futures on MCX, however, moved higher today after getting battered over the previous few days. Silver rose 1.2 per cent to Rs 35,885 per kg. Domestic gold and silver prices have remained volatile this month, following a similar pattern as that of global rates. Earlier this month gold prices had hit an all-time high of about Rs 45,000 per 10 gram before seeing a sharp fall from that level.
Gold price in India includes 12.5 per cent import duty and 3 per cent GST. The rupee was trading higher at 74.02 per US dollar as compared to the previous close of 74.24.
MCX gold futures (April) have resistance at Rs 40,850 and support at Rs 39,280, Geojit Financial Services said. In global markets, gold prices advanced today after many governments and central banks announced stimulus measures handle the economic fallout of the coronavirus outbreak. Spot gold rose 0.7 per cent to $1,538.63 per ounce while silver rose 1.7 per cent to $12.81 after eight straight sessions of falls and platinum gained 0.8 per cent to $666.38.
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