MCX gold, silver flat ahead of Christmas break

Gold prices on the Multi Commodity Exchange (MCX) were almost flat today as trade was subdued ahead of Christmas holidays, analysts said. International factors also weighed on prices.

Overseas gold prices fell as the dollar strengthened against the euro and as crude oil prices slipped in Asian trade on Monday.

"Trade is expected to be dull on account of Christmas holiday," said Hitesh Jain, analyst, Angel Broking.

London spot gold, which is currently ruling at $810.6 an ounce, is likely to trade in the $806-5-813.4 an ounce range in rest of the session, said Jain.

On MCX, gold was trading almost flat since opening on Monday.

"Gold in the domestic market is likely to trade sideways in the rest of the session," said Jain.

Also, demand is weak as gold continues to be above the Rs 10,000 level.

February gold may find support at Rs 10,282 per 10 grams and face resistance at Rs 10,378 per 10 grams on Monday.

According to Dharmesh Bhatia, technical analyst, Kotak Commodities, spot gold in the overseas market has been range bound since the last couple of months.

"The metal has seen an average of $785-850 an ounce as there was no pull-in or pull-out from the market," said Bhatia.

This, in turn, affected domestic futures, which moved in the Rs 10,100-10,400 per 10 grams range on MCX during the same period.

"If overseas gold prices fall to $775 an ounce in coming days, MCX gold may come down to Rs 9,900 per 10 grams," said Bhatia.

At 4 pm, February gold was at Rs 10,342 per 10 grams, down 0.13%, from Saturday's close.

Meanwhile, MCX silver moved in tandem with gold. At 4 pm, the metal was trading at Rs 19,076 a kg, down 0.12% from Saturday's close.

MCX silver for March delivery may find support at Rs 18,961 a kg and face resistance at Rs 19,220 a kg.