Tracking a decline in the global market, the prices of gold faced a fall yesterday. Silver prices also followed that of gold and had a fall too. Global market witnessed a fall of 0.4% to $ 1,551.13 per ounce of gold and 0.2% to $17.73 per ounce of silver . In India prices fell 0.3% to ₹39,780 per 10 gram of gold, followed by 0.34% fall in silver to ₹₹45,987 per kg of silver.
"Investors are assessing the risk of a global epidemic from coronavirus outbreak from China that could have an impact on economic growth. Gold can dip towards ₹39,600 while taking resistance near ₹40,000 while silver can test ₹45,800 while taking resistance near ₹46,500," mentioned SMC global.
"Gold prices may get a further direction from the World Economic Forum in Davos and the European Central Bank’s policy meeting this week. Physical demand is likely to pick up over the lunar year holiday starting later this week. It will be supportive of gold prices. Demand generally picks up in China and Singapore during the lunar New Year celebrations," stated the chairman of Abans Group of Companies.
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