Gold down nearly 1.3% at Rs 33,673 per 10 gram in evening trade

Gold prices slipped Rs 441 to Rs 33,673 per 10 gram in Mumbai bullion market on weak global cues. Traders trimmed their bet after the US President Donald Trump and Chinese President Xi Jinping agreed to revive US-China trade talks.

The gold rate touched an intraday high of Rs 34,138 and an intraday low of Rs 33,630 on MCX. For the August series, the precious metal touched a low of Rs 31,390 and a high of Rs 34,893.

Gold futures for delivery in August fell Rs 439, or 1.28 percent on the MCX trading at Rs 33,767 per 10 gram in evening trade in a business turnover of 16,270 lots. Gold contracts for October delivery traded lower by Rs 420, or 1.22 percent, at Rs 34,000 per 10 gram in a business turnover of 6,439 lots, while the far-month December contract traded around Rs 539, or 1.56 percent lower at Rs 34,102 per 10 gram with a business volume of 63 lots.

The value of the August contract traded so far is Rs 4,574.52 crore and October contract saw value of Rs 510.55 crore.

Similarly, Gold Mini contract for August was lower by Rs 422, or 1.23 percent at Rs 34,123 in a business turnover of 10,276 lots.

MCX Gold has intraday resistance at Rs 33,840 whereas major resistance is at Rs 34,035. The upside for the precious metal will extend if price breaks above the same. Supports are placed at Rs 33,625-33,550 levels, according to Motilal Oswal.

At 9:24 am (EST) spot gold was trading lower by $16.10 at $1,393 an ounce in New York trading.

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