Gold prices hits a record high in futures markets on Monday amid higher global rates though physical buying remained suspended in domestic markets due to the 21-day lockdown. On MCX, June gold futures surged 1 per cent to a new high of Rs 45,800 per 10 gram. May silver futures rose 0.4 per cent to Rs 43,670 per kg. Gold prices in India include 12.5 per cent import duty and 3 per cent GST. India imports most of its gold requirement. Gold may witness some profit-taking at higher levels but overall trend looks positive, SMC Global said in a note, adding that MCX gold has support at Rs 45,000 while silver has support near Rs 42,500.
In global markets, gold rates  were flat today but managed to hold on to near a one-month high. Worries over economy amid the coronavirus outbreak and fresh stimulus measures announced by US Federal Reserve last week helped support gold. Spot gold were flat at $1,686.82 per ounce. Among other precious metals, silver gained 0.5 per cent to $15.40, while platinum eased 0.3 per cent to $745.74. Large scale quantitative easing measures taken by various central banks have lifted gold higher, says Hareesh V, head of commodity research at Geojit Financial Services.
On technicals, he said, bullish momentum may continue as long as prices (London spot) stay above $1,642. ‘Intra-day resistance is seen at $1695, a direct break above the same would lift prices higher to $1705 or even more towards $1740 levels. Immediate downside turnaround point is seen at $1,620,’ Mr Hareesh.
Read EquityPandit’s Nifty Outlook for the Week