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Gold prices fall for 5th day in a row, down ₹1300 in a week; silver dips

By Priyanka Verma 
Updated Date
Gold prices fall for 5th day in a row, down ₹1300 in a week; silver dips

Gold prices extended their losses to the fifth day in Indian markets amid weak global cues. On MCX, gold futures fell 0.32% to ₹47,151 per 10 gram while silver tumbled 0.9% to ₹69,603 per kg.

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In the previous session, gold prices had dipped 0.35% while silver had edged 0.3% higher. After hitting a two-month high of ₹48,400 last week, gold has been sliding, tracking a decline in global rates.

MCX gold has support at ₹47,150 while has resistance at ₹48,480, domestic brokerage Geojit said.

In international markets, gold prices fell today, pulled lower by firmer US Treasury yields and uptick in dollar index. Investors are looking out for policy cues from the Federal Reserve’s two-day meeting, which ends today. Fed Chair Jerome Powell holds a press conference following the Fed meeting today while Joe Biden makes his first address as president to a joint session of Congress.

Spot gold rates were down 0.5% at $1,767.76 per ounce. Benchmark US 10-year Treasury yields rose above 1.6%, increasing the opportunity cost of holding non-yielding bullion. The dollar index rose 0.1% against its rivals, making gold less appealing for other currency holders. Among other precious metals, silver fell 0.9% to $26.00 per ounce while platinum was down 1% at $1,216.75.

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Technically, “breaking the immediate resistance of $1800 is needed to continue positive outlook in the counter. Else there are chances of corrective selling pressure but stiff support is placed at $1760 which if broken the momentum may extended towards $1725 or more later,” Geojit said.

Bond yields are rising again as markets await updates on government and central bank stimulus, with US President Joe Biden set to address Congress and the Fed delivering its policy statement later today. Investors are watching for any signs of the central bank pulling back on asset purchases as the economy gathers strength.

In equity markets, Asian stocks were mostly higher today with investors also cautious ahead of the Federal Reserve’s policy decision.

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