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Gold price today: Yellow metal drops over 1%

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Gold price today- Yellow metal drops over 1 per cent

India Gold MCX April futures slipped more than 1 per cent on March 25 tracking muted trend seen in the international Gold prices which have also given up the gains as investors are looking to cash liquidate positions to cover losses in other assets.

International gold is likely to remain volatile as positive rhetoric from the US lawmakers regarding a stimulus bill to cushion the economic damage from the coronavirus outbreak lifted investor sentiment.

On the Multi Commodity Exchange (MCX), April gold contracts were trading lower by Rs 300, or 0.7 per cent, at Rs 41,079 per 10 gram at 09:40 hours.

Experts feel that the yellow metal is likely to remain volatile and could well find support near 40,850-40,144 on the downside and on the higher side resistance are placed at 41,550-41900.

On the daily chart, Gold rose for a third straight session on Wednesday, hitting its highest in about two weeks on stimulus hopes before giving up gains.

“Gold prices skyrocketed after the Fed rolled out yet another series of unconventional policies. Fed will start purchasing corporate bonds, while also considering direct loans to companies, including small and medium-sized businesses,” YES Securities said in a report.

“It also said it would expand its asset portfolio by “as much as needed” in order to further stabilize the credit markets,” it said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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