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Gold rate today: Bullion dips as China factory data improves street sentiments

Gold and silver futures dived on domestic bourses on Friday after surveys showed Chinese manufacturing activity held steady in January and services firmed.

Gold futures fell 0.93 per cent to Rs 40,692 per 10 grams, while silver futures were down 1.09 per cent to Rs 46,404 per kg.

Globally, gold prices inched lower but concerns over the coronavirus and its economic impact kept the metal on track for a second monthly gain.

Spot gold fell 0.1 per cent to $1,571.77 per ounce by 0124 GMT. For the month, prices were up 3.6 per cent. US gold futures declined 0.8 per cent to $1,570.70.

A Reuters technical analyst said spot gold may test a support at $1,564 per ounce, a break below which could cause a fall to $1,553.

The support is identified as the 38.2 per cent retracement of the uptrend from $1,535.63 to $1,610.93. The metal failed twice to break a key resistance at $1,582. Either a double-top or a flat is developing around this level.

India's gold demand is expected to rebound in 2020 as the government seeks to bolster consumer confidence and spending power to revive Asia's third-biggest economy, the World Gold Council (WGC) said.

Meanwhile, palladium rose 0.3 per cent to $2,316.71 an ounce. Prices were set to gain 19 per cent this month, but were down nearly 5 per cent this week.

Silver fell 0.2 per cent to $17.79 and was down 1.5 per cent for the week, its biggest since the week ended Dec. 6, while platinum climbed 0.4 per cent to $981.63 and was on track to decline 2 per cent for the week.

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