MCX Gold Price Plummets by Rs 216 to Rs 1.52 Lakh

Gold prices on the Multi Commodity Exchange (MCX) saw a significant decline, dropping Rs 216 to reach Rs 1.52 lakh per 10 grams. This change is in line with global trends, where gold has been facing pressure from rising interest rates and a strong US dollar.

The price drop comes after HDFC Securities pointed out that the MCX Gold had surpassed its resistance level of Rs 1.42 lakh per 10 grams but failed to hold onto gains above this level.

It is essential for investors to note that the research team at HDFC Securities maintains an arm's length distance with the proprietary trading desk, which operates independently and may lead to investment decisions that deviate from research views.