Mumbai: Futures of precious metals continued their bearish trend on Monday with gold contracts on the MCX falling below Rs 45,000 per 10 gram. The surge in US 10-year bond yields weighed on the futures of the yellow metal.
The April contract of gold on the MCX is currently trading at Rs 44,888 per 10 gram, lower by Rs 133.00 or 0.30 percent from its previous close.
CapitalVia’s weekly commodity report said that for this week, traders should look forward for ‘sell-on-rise’ opportunity from Rs 45,200, keeping stop loss of around previous resistance level of Rs 45,650, for aiming target of Rs 44,635.
Gold futures in the domestic market have dropped 20 percent since the highs recorded in August last year. It hit a record high of Rs 56,200 per 10 gram amid the height of the pandemic and growing economic concerns.
Silver futures plunged on Monday amid weak global cues and high bond yields.
The May contract of silver on the MCX was trading at Rs 66,170 per kg, lower by Rs 1,357 or 2.01 percent from its previous close.