Gold October Futures slipped below Rs 51,000 per 10 gm
On september 8 India Gold October Futures slipped below Rs 51,000 per 10 gm in the international spot prices as the US Dollar strengthened.
Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement, said a Reuters report.
On the Multi-Commodity Exchange (MCX), October gold contracts were trading lower by 0.43 percent at Rs 50,843 per 10 gram at 0920 hours. September silver futures were trading 0.5 percent lower at Rs 67,880 per kg.
Experts are of the view that prices of both Gold and Silver are likely to remain volatile but should get support at lower levels.
Crucial support for MCX Gold is placed at Rs 50,800-50,600 levels while on the upside resistance are placed at Rs 51,200 per 10 gm.