Gold Prices Dip in 2024: ₹750 Decline per Gram Observed

9 Feb 2024 , 12:40 PM

Despite a minor positive bias in bullion during Friday’s early trading, silver and gold are still trading in negative territory. Its decrease this year has been attributed to a lack of demand, the possibility of a reversal in the Fed rate cut, and an increase in the dollar index.

MCX April gold futures were up ₹4 or 0.01% at ₹62,447 per 10 grams at 9:20 am, following global pricing trends, while March silver contracts were up ₹140 or 0.20% at ₹70,977 per kilogram.

Comex saw a $1.30 or 0.06% increase in gold futures trading at $2,049.20 per troy ounce, and a $0.034 or 0.150% increase in silver futures trading at $22.670 per troy ounce.

Against a basket of the top six currencies, the dollar index (DXY) was down 0.02 points, or 0.02%, at 104.15. In the previous five trading sessions, it has increased its gains by 0.21%. 

The March Silver futures concluded at ₹70,830 on Thursday, down by just ₹7 or 0.01%, while the MCX Gold April contract closed level at ₹62,450, up by ₹7.

The April contract for MCX Gold has failed to hold above 62,950 and broken out of its downward trend channel on the daily chart. According to Qureshi, there is bearishness in the yellow metals futures as they are trading below their 21- and 50-day Double Exponential Moving Averages (DEMA). The bearish outlook is further supported by a negative divergence, according to the Relative Strength Index (RSI). She sees support at ₹62,100–61,800 and resistance at ₹62,800–63,100. 

In major physical bullion markets such as Delhi, Ahmedabad, and other cities, the price of 10 grams of gold is ₹63500, while the price of 1 kg of silver is ₹72,500. 

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