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Gold prices fall for 4th consecutive day, silver struggles too

By Saima Siddiqui 
Updated Date
Gold prices fall for 4th consecutive day, silver struggles too

New Delhi: Gold prices follows down trend for the fourth consecutive day in Indian markets amid soft global rates. On MCX, gold futures edged lower to ₹47456 per 10 gram. Silver too struggled at ₹68,709 per kg.

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After hitting a two-month high of ₹48,400 last week, gold has been seeing a down tend in India . MCX gold may post correction where the precious metal may find support near ₹47,100 and resistance near ₹47,700, SMC Global said, adding that silver may trade with sideways to bearish bias where it may find support near ₹68,100 and resistance near ₹69,000.

Technically, as long as gold holds the stiff support of $1760 there are chances of recovery upticks which may lead prices towards $1820 or more in the immediate future while a drop below $1725 is a bearish signal, says Geojit.

In international markets, gold rates edged lower and firmer dollar hurt the appeal of the precious metal. Spot gold was down 0.1% at $1,777.93 per ounce.

“Prices eased after the firm economic data from US that boosted optimism in risky assets. Meanwhile, rising corona virus infections in India, a major gold consumer, also pressured the uptrend in precious yellow metal,” domestic brokerage Geojit said in a note.

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Gold traders will be looking forward to cues from the U.S. Federal Reserve’s two-day policy meeting which ends tomorrow. They will also closely watch Chairman Jerome Powell’s outlook on the economy.

The dollar index today edged 0.16% higher to 90.922, making gold more expensive for other currency holders, while benchmark US 10-year Treasury yield was steady at 1.570% level.

Among other precious metals, silver fell 0.3% to $26.12 per ounce while platinum was down 0.4% at $1,238.57.

Equity markets in Asia were mixed as some countries hit with a surge in Covid-19 cases. Notably, US stock futures were steady after solid corporate earnings, that helped the S&P 500 Index notch another record.

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