Gold, silver slip on MCX as traders book profits
Gold and silver prices fell in early trade on the Multi Commodity Exchange (MCX) on Monday morning, as traders booked profits after the recent rally.
The decline came amid weak demand in the spot market, although losses were limited because the US dollar weakened and investors expect the US Federal Reserve to announce a rate cut this week.
During early trade, MCX gold February futures were trading 0.04 per cent lower at Rs 1,30,409 per 10 grams. "MCX Gold remains within a rising channel pattern and is currently hovering around the Rs 1,30,300–Rs 1,30,400 zone, after facing rejection near Rs 1,32,250, which now acts as the immediate resistance," experts said.
MCX silver March futures slipped 1 per cent to Rs 1,81,600 per kg.