On the Multi Commodity Exchange (MCX), April gold contracts were trading higher by Rs 656, or 1.6 percent, at Rs 41,004 per 10 gram at 0940 hours.
Despite the announcement of QE and interest rates cut by most of the global Central Banks global equities crashed last week, panic sell-off in equity puts pressure on bullions, suggest experts.
Gold cracked around 10 percent from the highs and silver prices cracked more than 15 percent from the highs during the week. Experts feel that the volatility will remain a dominant factor in this week and Gold could face resistance around 42,000.
“Prices of both the precious metals crashed in international as well as domestic market. It's more than the market pain seen during the 2008 Lehman brothers crisis.
Looking to the panic in global financial markets and extreme volatility due to fear of coronavirus we expect prices of both the precious metals remain volatile this week,” Manoj Jain, Director, IndiaNivesh Commodities, told Moneycontrol.
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