Gold prices were trading flat to positive on MCX in Friday’s trade as there are no major cues in the market to support the rally, Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. On MCX, gold April futures were trading just Rs 31 or 0.08 per cent higher at Rs 40,382 per 10 grams, while silver March futures were trading Rs 40 down at Rs 46,180 per kg. “Yesterday gold rallied by more than 200 points as it has fell in three previous occasions. The dollar has continued to rally as weekly jobless claims fell more than forecast. The focus would be on non-farm payrolls for January which will hit the market in the evening. In the week so far, gold has faltered by almost 2% hence the sentiment looks bearish. For intraday, Rs 40,300-40,220 are supports and Rs 40,450-40,570 are resistances,”Jigar Trivedi said.
Spot gold was up 0.1 per cent to $1,568.76 per ounce. The metal has fallen 1.3 per cent so far this week, heading for its worst week since November 8. US gold futures were flat at $1,570.70, as per Reuters news report. On the domestic equity front, S&P BSE Sensex was trading 119 points or 0.29 per cent lower at 41,187 points while the broader Nifty 50 index was ruling at 12,105 points, down 33 points or 0.27 per cent. Foreign institutional investors (FIIs) sold shares worth Rs 560.36 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 304.01 crore on Thursday, as per the data available on the NSE.
In commodities, oil and metal prices fell as the coronavirus outbreak gained pace and have been slow to recover. US crude was firm on Friday at $51.31 per barrel, but is flat for the week and remains 13 per cent below its Jan. 21 level. Brent prices were last at $55.33 per barrel.