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Gold drops below Rs 45K/10g, silver futures plunge
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SME Times News Bureau | 22 Mar, 2021
Futures of precious metals continued their bearish trend on Monday with
gold contracts on the MCX falling below the Rs 45,000 per 10 gram. The
surge in US 10-year bond yields weighed on the futures of the yellow
metal.
The April contract of gold on the MCX is currently trading
at Rs 44,888 per 10 gram, lower by Rs 133.00 or 0.30 per cent from its
previous close.
CapitalVia's weekly commodity report, said that
for this week, traders should look forward for 'sell-on-rise'
opportunity from Rs 45,200, keeping stop loss of around previous
resistance level of Rs 45,650, for aiming target of Rs 44,635.
Gold
futures in the domestic market have dropped 20 per cent since the highs
recorded in August last year. It hit a record high of Rs 56,200 per 10
gram amid the height of the pandemic and growing economic concerns.
Silver futures plunged on Monday amid weak global cues and high bond yields.
The
May contract of silver on the MCX was trading at Rs 66,170 per kg,
lower by Rs 1,357 or 2.01 per cent from its previous close.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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