Gold Rate Slips Below Rs 45,000; Silver Cheaper By Rs 900

New Delhi: Gold and silver futures fell on Monday as Turkey replaced its central bank governor with a high interest rate critic led to investors flocking towards the safety of the dollar.

President Tayyip Erdogan, on Saturday, unexpectedly fired Turkey’s central bank chief, Naci Agbal, replacing him with a former ruling party legislator and opponent of tight monetary policy, Sahap Kavcioglu.

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 per cent 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.

In the spot market, gold in the national capital on Friday gained Rs 168 to Rs 44,580 per 10 gram supported by recovery in global precious metal prices. Silver, however, declined by Rs 135 to Rs 66,706 per kilogram.