On the momentum front, RSI for MCX Gold is hovering in the oversold zone (27) indicating weakness. However, this oversold nature of RSI could limit more downside in gold prices.
Gold price on Monday remained unchanged at Rs 46,130, while silver price was trending at Rs 69,000 per kg, according to the Good Returns website. Gold jewellery prices vary across India, the second-largest consumer of the metal, due to differing excise duty, state taxes, and making changes in different states. In New Delhi, the price of 22-carat gold rose by Rs 10 to Rs 45,410 per 10 gm, while in Chennai it inched up to Rs 43,770. In Mumbai, the rate stayed at Rs 45,130 the same as Friday, according to the Good Returns website. The price of 24-carat gold in Chennai was up by Rs 10 to Rs 47,750 per 10 gm.