Gold slipped nearly 1 percent ,Support placed at Rs 49800 per 10 gm
Gold slipped nearly 1 percent on October 5, tracking a muted trend in the international spot prices. On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.85 percent at Rs 50,138 per 10 gram at 0920 hours. December silver futures were trading 0.95 percent lower at Rs 60,565 per kg.
Experts are of the view that below Rs 50,000, the next big support for the yellow metal is placed at Rs 49800 per 10 gm. It could retest Rs 51,200-51,500 on the upside.
Gold and silver rebound last week after previous weeks' sell-off. Gold gained 2.14 percent and settled at $1,904 per troy ounce and silver was up 3.94 percent at $23.87 per troy ounce at Comex division on October 2.