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Gold price today falls as traders book profit

Bullion counters were trading lower in Wednesday's opening trade as traders continued to book profits even as equity indices across the world tanked due to Covid-19 jitters.

Gold futures fell 0.64 per cent or Rs 273 to Rs 42,515 per 10 grams while silver futures plunged 1.01 per cent or Rs 482 to Rs 47,085 per kg. Gold and silver prices plunged in Tuesday’s trade as well. Gold prices tumbled by Rs 954 to Rs 43,549 per 10 gram in the national capital on stronger rupee and selling in global market, according to HDFC Securities. Silver prices declined by Rs 80 to Rs 49,990 per kg from Rs 50,070 per kg on Monday. Globally, gold prices rose heading back towards a more-than seven-year high hit earlier this week, as a warning from the United States over the domestic spread of the coronavirus outbreak rattled global markets, supporting safe-haven demand. Spot gold was up 0.5 per cent at $1,643.49 per ounce, as of 0124 GMT, after having slumped as much as 1.9 per cent in the previous session. US gold futures eased 0.2 per cent to $1,647. As per a Reuters technical analyst, spot gold may bounce into a range of $1,651-$1,658 per ounce, as it has found support at $1,632. The support is identified as the 238.2 per cent projection level of a wave (3) from $1,561.16. This wave has been partially reversed by a wave (4), which seems to have been completed. Courtesy - ETMarkets.com

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