Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Friday as investors opted for profit-booking amid strength in Indian rupee, analysts said.
At 2:30 pm, gold futures for June delivery fell 0.34 percent to Rs 43,496 per 10 grams as against the previous close of Rs 43,643 and opening price of Rs 43,646 on the MCX.
“Profit-taking is pressurizing the domestic gold prices along with the stronger rupee,” said Jigar Trivedi, Fundamental Analyst – Commodity, Anand Rathi.
In global markets, gold edged lower on Friday as investors booked profits, but was set for its best week since December 2008 as record high US jobless claims due to the coronavirus fuelled hopes for more stimulus to stem the economic damage caused by the pandemic.
Spot gold fell 0.3 percent to $1,624.41 per ounce by 0616 GMT, after five straight sessions of gains. US gold futures slipped 0.5 percent to $1,643.30 per ounce.
However, the sentiment for gold prices remains positive as the central banks of various countries are announcing measures to pump liquidity in the markets. Easy money supports gold prices, according to Trivedi.
“Gold prices may find support near Rs 43,100-43,300 levels while resistance is placed at Rs 43,650-43,750 levels on the MCX,” Trivedi said.
Meanwhile, silver futures traded 0.25 percent lower at Rs 41,220 per kg. The prices opened at Rs 41,346 as compared to the previous close of Rs 41,322 per kg.