Mumbai, Dec 8 || 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.
The slight pullback follows strong gains in the previous session, when gold futures rose 0.30 per cent to close at Rs 1,30,462 per 10 grams and silver futures jumped nearly 3 per cent to settle at Rs 1,83,408 per kg after touching a new record high of Rs 1,85,234 during the day.