Gold Rate Today: Gold trades flat in morning deals

Gold was trading almost flat in morning deals on Monday on account of subdued demand of the precious metal from jewellers, industries and retailers.

MCX Gold was down 0.02 per cent, or Rs 6, at Rs 29,150 per 1 kg, while MCX Silver was down 0.13 per cent, or Rs 52, at Rs 39,185 at around the same time.

According to Way2Wealth Borkers, the momentum indicator stochastic has just made a positive cross over while the MACD is still on the negative side.



"For the week, gold price is likely to extend its gains till the trend line resistance of Rs 29,300 and will turn lower from the same. So, we advise selling around Rs 29,300 for downside targets for the Rs 28,700," the brokerage house said.

The United States announced sanctions on two North Korean officials for their roles in developing the country's ballistic missiles. Tensions have been rising over the programs, which the Asian nation is pursuing in defiance of years of UN Security Council resolutions.

Angel Broking also believes that gold prices to trade higher towards Rs 29,500 mark this week.